Buhari seeks Senate approval for N465 billion supplementary budget

18 Nov 2015
Chibuike Oguh

Summary

A partial breakdown of the supplementary budget proposal shows that N413 billion will be used to settle subsidy claims, N39 billion for the ongoing military counter-insurgency operations, and N2 billion for feeding students in unity schools.

Nigerian President Muhammadu Buhari

President Muhammadu Buhari has asked the Senate, on Wednesday, to approve a N465 billion supplementary budget to settle fuel subsidy claims by fuel importers to address the lingering fuel crisis.

The president’s request was contained in a letter read on the floor of the Senate by Bukola Saraki, the Senate president.

A partial breakdown of the supplementary budget proposal shows that N413 billion will be used to settle subsidy claims, N39 billion will be used for the ongoing military counter-insurgency operations, tagged Operation Lafiya Dole, and N2 billion will be used for feeding students in unity schools.

Buhari also requested for Senate approval to borrow an additional N1 trillion to fund the 2015 budget and service debts.

In the 2015 budget, former President Goodluck Jonathan had requested for permission to borrow N882 billion. But Buhari requested the Senate to raise the loan request to N2.1 trillion as a result of declining oil prices.

The 2015 budget had an oil benchmark of $53, but oil prices have fallen much lower to around $43.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst


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