Buhari Sends N465.64bn Supplementary Budget to N'Assembly

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                               President Muhammadu Buhari
  •  Revises oil benchmark to $48/bl as Iraq prepares to flood market
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Omololu Ogunmade and Damilola Oyedele in Abuja
With only six weeks left to the end of the year, President Muhammadu Buhari on Wednesday sent a supplementary budget of N465,636,926,857 to the National Assembly for appropriation.
The president also sought for an upward review of the initial N882.1 billion borrowing in the 2015 budget to N2.103 trillion to finance the budget.
Of the N465.6 billion supplementary budget, N413.363 billion has been earmarked for the payment of subsidy for petrol, N39.65 billion for the fight against Boko Haram, code named 'Operation Lafiya Dole', N2 billion for the provision of prison rations, feeding for unity schools and others, and N10.62 billion for severance gratuity and allowances of outgone and incoming legislators and legislative aides.
The president, in letters addressed to Senate President Bukola Saraki and Speaker of the House of Representatives, Hon. Yakubu Dogara, urged both chambers of the National Assembly to expeditiously treat the budget.
Whereas the 2015 budget was predicated on a benchmark of $53 per barrel, foreign exchange at N190 to $1 and oil production of 2.2782 million barrels per day, the benchmark has now been revised downwards to $48 a barrel; foreign exchange remains at N190 to a dollar while oil production volume has been reduced to 2.2003 million per day.

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