23.5 C
Abuja
December 4, 2021
BELT
BELT News

FG Slashes NASS Budget By #25.6bn.

The Federal Government has slashed the National Assembly (NASS) budget by #25.6 billion due to the ongoing Covid-19 pandemic. The amount reflects a 20 per cent cutdown from the #12.8 billion previously approved for the National Assembly.
The federal government, has also reduced the 2020 budget from #10.3 trillion to #8 trillion because of the pandemic.
    President Buhari, had last month, set up a committee to examine the impact of the Covid-19 on Nigeria’s economy. The committee was also giving the task of how to fund the 2020 budget after oil fell below budget benchmark.
(Link- fg to slash 2020 budget)
   The federal government, had planned the 2020 budget around Crude Oil sales at $57 per barrel. Unfortunately at the moment, oil price is hovering between $20 – $25 per barrel. Hence, the budgetslash, is the federal government’s way of responding to the impact of the Covid-19 on Nigeria’s economy.
   At the moment, it has been agreed upon that the federal law makers would have their budgets slashed by 20 per cent.
    The House Chief Whip, Muhammad Tahir Monguno, who is a Borno lawmaker, has confirmed the NASS budget slash by 20 per cent. He said “It was decided that the budget be slashed by 20 per cent across all boards. No discrimination between the three tiers of the government. We now have to decide from which sides we will reduce our proposals”.
   He also noted that the #37 billion proposed  for the renovation of the National Assembly complex is now suspended. “It will be very insensitive to talk about spending such amount on a building renovation in a time like this. Only priority spendings that will benefit all Nigerian’s will be tolerated”, he said.
    “There is a very big problem, our economy is going down and there is need for everyone to make sacrifices. We have to forgo many things proposed in our budget“, the Borno lawmaker said.
    “The reviewed budget will now be presented for passage. We are ready to receive it from the executive even in this lockdown. We are waiting, if they bring it, we will reconvene”.
    Monguno, noted that the National Assembly, will manage what they will be able to get until things get better.

Related posts

EndSARS: Remember to take care of your Mental Health

Faith Amarachi Isaac,

The TechCrunch Disrupt Berlin, 2019

Faith Amarachi Isaac,

Why Youth employment is key to unlocking Africa’s economic growth

Faith Amarachi Isaac,

Leave a Reply