The House of Representatives on Thursday passed a resolution to increase the revised 2020 budget from N10.806 trillion to N10.810 trillion.
The resolution was passed after the adoption of a debate on the motion sponsored by the chairman, House Committee on Finance, Hon Abiodun Faleke, who underscored the need to add the sum of N5,256,207,430 to the Statutory share of revenue of four agencies namely: Niger Delta Development Commission (NDDC), North East Development Commission (NEDC), Universal Basic Education Commission (UBEC) and Basic Health Care Fund.
Breakdown of the fund showed that additional sum of N1,746,411,240 was added to the 15 per cent NDDC States share Federation Account; NEDC statutory share was increased by N816,871,125 (being 10 per cent of North–East States of FAAC); UBEC statutory share was increased by N1,795,283,376 (being 2 per cent of CRF); while Basic Health Care Fund statutory share was increased by N897,641,688 (being 1 per cent of CRF).
Recall that the House had on Wednesday approved the sums of N44.200 billion for NDDC; N51.120 billion for UBEC; N20.945 billion for and N25.560 billion for Basic Health Care Fund.
In his lead debate, Hon Faleke explained that the Constitutional requirements of share of incremental revenue by statutory agencies from the $3/barrel oil bench mark price increase.
He also noted that the approved increase in the crude oil bench mark price from $25 to $28 per barrel, adding that the application of the percentage of the $3 per barrel as share of revenue amounting to N5,256,207,430 to some statutory agencies was erroneously omitted in the recently passed budget.
To this end, the House resolved that the statutory transfer to NDDC be increased by its share of N1,746,411,240 (15 per cent NDDC States share Federation Account); that statutory transfer to NEDC be increased by its share: N816,871,125 (10 per cent of North–East States of FAAC); that statutory transfer to UBEC be increased by its share: N1,795,283,376 (2 per cent of CRF); that statutory transfer to Basic Health Care Fund is increased by its share: N897,641,688 (1 per cent of CRF), thereby raising the total Statutory Transfer from N422,775,979,362 to N428,032,186,792.
Accordingly, the House resolved that the total budget size of N10,805,544,664,642 which was passed on Wednesday should be increased by the above statutory share of revenue by the listed agencies with a total of N5,256,207,430 bringing the new budget size to N10,810,800,872,072.
After the end of the plenary session, the House resolved to adjourn plenary to June 30, 2020 to mark the beginning of the second legislative year of the Ninth Assembly.