Reps amends 2020 revised budget size and statutory transfer

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The House of Representatives has disclosed that the actual Revised 2020 budget size is ₦10.810 trillion not the ₦10.805 trillion it erroneously passed at plenary on Wednesday. The House observed that the application of the percentage of $3 per barrel as share of Revenue amounting to ₦5.256 billion to some Statutory Agencies was erroneously omitted in the recently passed budget.

Chairman, House Committee on Finance, Representative James Faleke, moved a motion for the Amendment of the Budget Size and Statutory Transfers on Thursday. Rep. Faleke noted the Constitutional requirements of share of Incremental Revenue by Statutory Agencies from the $3 per Barrel Oil Bench Mark price increase.

He also pointed out the approved increase in the Crude Oil Bench Mark price from $25 to $28 per barrel which was not applied in the statutory transfers to some agencies. He observes that the application of the percentage of the $3 per barrel as share of Revenue amounting to ₦5,256,207,430 to same statutory Agencies was erroneously omitted in the recently passed Budget.

The House therefore resolved that the statutory transfer to Niger Delta Development Commission (NDDC), be increased by its share:  ₦1,746,411,240 (15% NDDC States Share Federation Account). Also statutory transfer to North East Development Commission (NEDC), be increased by its share: ₦816,871,125 (10% of North East States of FAAC.

While the statutory transfers to Universal Basic Education Commission (UBEC) be increased by its share: ₦1,795,283,376 (2% of CRF); and Basic Health Care Fund by its share ₦879,641,688 (1% of CRF).

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