SAN FRANCISCO, May 11, (THEWILL) – The Senate on Thursday published a budget of N125bn up from N115bn in 2016 as the projected spending of the National Assembly for 2017.
This is the first time in many years that the National Assembly will be releasing details of its spending for a fiscal year to the public.
Total personnel cost takes N23,789,787,880; total overhead cost is allocated N85,878,619,888; total capital cost will gulp N14,940,196,063.
A breakdown of the estimates shows that the National Assembly gets N14.9bn; Senate, N31.3bn; House of Representatives, N49bn; National Assembly Service Commission, N2.4bn; legislative aides, N9.6bn; Public Accounts Committee (Senate), N118.9m; Public Accounts Committee (Reps), N142.7m; general services, N12.5bn; National Assembly Legislative Institute, N4.3bn; and service wide vote, N391.3m.
Meanwhile, the House of Representatives has passed the 2017 budget after adopting its report from the appropriation committee.
The appropriation bill report was passed at plenary on Thursday with N434.4 billion allocated for statutory transfer, N1.84 trillion for debt servicing and N177.46 billion for maturing bonds.
