Setting the facts right about the revised 2020 FGN budget

Thursday, June 4, 2020 10:18 am

Akabueze

By Ben Akabueze

1. Statutory transfers to UBEC (Basic Education) and BHCPF (Basic Health) are set by LAW at 2% and 1% respectively of the Consolidated Revenue Fund (CRF). Therefore, when the Covid-19 pandemic eroded the CRF, the budgetary provisions were automatically adjusted in accordance with the applicable laws.

2. The provision for renovation/retrofitting of the National Assembly (NASS) Complex in the revised budget is N9.25bn, not N27bn as being bandied around. The initial provision of N37bn in the 2020 Appropriation Act for this was cut by 75% due to the impact of Covid-19 on government revenues.

Please always check the website of the Budget Office of the Federation – www. budgetoffice.gov.ng – or use the Citizens Portal on this website to obtain accurate information about the FGN budget.

-Akabueze is the Director General of Budget Office

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One Comment

Sly Ezeoke says:

June 4, 2020 at 12:17 pm

Regarding the NASS complex renovation/ retrofitting, if it will actually cost the whooping sum of 9.25bln as budgeted, then how much would it cost to erect a new one from a virgin land?

When will all these looting stop?

This money belongs to the citizens of Nigeria, the common man, who survives with under $1 a day.

You guys should pity Nigerians

Haven’t you people looted enough?

Your grand children would not need these monies you’re stressing yourselves acquiring.

It is called senseless acquisition of wealth.

Think !!!