In a letter
to Senate President, Dr Bukola Saraki, President Muhammadu Buhari said the
supplementary budget would be predicated on oil production of 2.2003 million
barrels per day, with benchmark price of $48 per barrel and an exchange rate of
N190 to $1.
The Federal
Government has submitted a supplementary appropriation bill of N465.64 billion
along with a request to borrow N2.103 trillion for the financial year, 2015,
ending in six week’s time.
The expected
deficit arising from the above would be financed by additional borrowing of
N1.601trillion through the debt management office.
The breakdown
of the supplementary budget shows that N413.36 billion would be for fuel
subsidy payment while N10.62 billion was earmarked for the payment of
outstanding severance gratuity and allowances of outgone and incoming
legislators and legislative aides.
Also, the
fight against Boko Haram in the North-East code named “Operation Zaman Lafiya” has
been billed for N29.96 billion for the third and fourth quarters of 2015.
President
Buhari, in the letter, recalled that the 2015 budget was predicated on oil production
of 2.2782million barrels per day, benchmark oil price of $53 per barrel and an
exchange rate of 190 to $1.
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