Reps to pass 2010 supplementary budget today
The Speaker of the
House of Representatives, Dimeji Bankole, on Monday, disclosed that the
country’s lower chambers of the National Assembly will today (Tuesday)
pass the 2010 supplementary budget.
Mr. Bankole, while
fielding questions from aviation correspondents at the presidential
wing of the Murtala Mohammed Airport (MMA), Lagos, disclosed that the
House is operating with the executive arm of government to ensure that
the budget is passed in order to move the country forward.
“As far as the 2010
budget is concerned, we are working with the executive arm of
government to make sure that tomorrow, in the House of Representatives,
we pass it (the supplementary budget),” he said.
It would be
recalled that early this month, President Goodluck Jonathan, while
presenting a supplementary budget of N638.8 billion to the National
Assembly, asked the legislators to re-examine the economic structure of
the 2010 budget, and to revise downwards the budget from N4.48 trillion.
According to Mr.
Jonathan, the development is not unconnected with the drop in crude oil
revenue, as he noted that the implications may have adverse connotation
on the country’s financial level.
“I wish to bring to
your attention, certain challenges posed by the serious shortfall in
the projected revenue and the adverse implications it poses for
financing the level of aggregate expenditure appropriated,” he said.
“Specifically,
recent revenue developments indicate significant shortfalls in both oil
and non-oil revenue, which may well continue for the rest of the fiscal
year, with adverse implications for the financing of the budget,” he
said.
Effect of oil revenue drop
Admitting that
there is significant drop in the country’s oil revenue, Mr. Bankole
disclosed that the designated team in the National Assembly, together
with the Ministry of Finance, will see to the effect of the shortfall.
“I’m sure there is
a reduction, but those things would be worked out between the
appropriation committee of the National Assembly and the Finance
Ministry,” he said.
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