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Reps tell Buhari ” No more money for fuel subsidy”
Speaker of the House of Representatives: Rt. Hon. Aminu Waziri Tambuwal

Reps tell Buhari ” No more money for fuel subsidy”

It seems that the Federal House of Representatives has decided that the incoming government of General Muhammadu Buhari will not continue with the now controversial and fraud-ridden fuel subsidy programme.

The House while approving the 2015 budget yesterday allocated no funds for fuel subsidy but curiously approved N21billion for  the Subsidy Reinvestment and Empowerment Programme (SURE-P).

According to the details of the budget, it approved the sum of N4.493 trillion with an increase of N135.4 billion from the N4,357,960 trillion proposed by the Executive in November 2014.

The increase came from the following:  Niger Delta Development Commission’s allocation was raised from N45.780bn to N46.720bn; Universal Basic Education’s allocation was raised from N67.3bn to N68.380bn; National Assembly’s allocation was raised from N115bn to N120bn; Public Complaint Commission’s allocation was raised from N2bn to N4bn while National Human Right Commission’s allocation was raised from N1.2bn to N1.516bn.

Meanwhile, the House retained the sums of N73bn for the National Judicial Council and N62bn for the Independent National Electoral Commission. The National Assembly also slashed its own budget by N30billion as it reduced its allocation from N150billion to N120billion.

The House adopted $53 as oil benchmark, 2.2782mbpd, N190/US dollar as exchange rate, N1,075.303 trillion as fiscal deficit and 1.12 percent as deficit/GDP respectively.

 

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