How the National assembly will spend 125 billion naira budget

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This is a news that is Worth reading, the national assembly has disclosed how they will send the 2017/2018 budget.

Nigeria’s legislators, for the first time in many years, revealed details of their budget following sustained public pressure.The budget revealed that Senators and members of the House of Representatives would spend N11.5bn on travel and transport; refreshment – N1.3bn; legislative activities – N21.4bn; vehicles – N6.6bn and consultancy – N5.88bn.

Others are publicity and advertisements – N3bn; fuel and lubricant – N2.1bn and security equipment – N1.5bn.

The passage of the budget came five months after it was presented by President Muhammadu Buhari.

They also raised the total budget from N7.298 trillion to N7.441 trillion, jerking it up by N143 billion.

They raised the proposed oil benchmark from $42.5 to $44.5 per barrels. The proposed exchange rate of N305 to a dollar and 2.2 million barrel per day oil production were maintained by the legislators.

In all, the National Assembly would spend N85.8bn on overhead, N14.9bn on capital, and  N23.7bn for personnel costs.

The breakdown shows that the Management will spend (Personnel N6.7bn, Overhead N6.1bn and Capital N2bn, total N14.9bn) Senate: Personnel N1.8bn, OverheadN25bn and Capital N4.4bn total N31.3bn) House (Personnel N4. 9bn, Overhead N39.6bn, and Capital N4.4bn, total N49bn), National Assembly Service Commission (Personnel N961m, overhead N1.1bn and capital N309m total N2.4bn) and legislative aides (Personnel N8.9bn, Overhead N534m and Capita N150m total N9.6bn).

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