The Senate has approved 2015 supplementary budget sent to the Green Chamber by President Muhammadu Buhari.
It could be recalled that N465.3bn supplementary budget was submitted to the National Assembly by President Muhammadu Buhari two weeks ago to enable the Federal Government settle the fuel subsidy bill to oil marketers.
The Senate had mandated the Federal Ministries of Petroleum Resources, Budget and National Planning and Finance to include an additional N108bn to adequately provide for fuel subsidy.
The Minister of Budget and National Planning, Senator Udoma U. Udoma , who led other ministers to a budget defence meeting with the Senate Appropriations Committee, admitted yesterday that a total sum of N108 billion meant for the payment of fuel subsidy to oil marketers for the months of October, November and December, was not captured in the N413 billion initially voted for subsidy claim.
The Minister of Budget and National Planning, Senator Udoma U. Udoma who led other ministers to a budget defence meeting with the Senate Appropriations Committee, admitted that a total sum of N108 billion meant for the payment of fuel subsidy to oil marketers for the months of October, November and December, was not captured in the N413 billion initially voted for subsidy claim.
After an exhaustive debate on the matter, the Ministries of Petroleum, Finance as well as Budget and National Planning agreed to submit an additional sum of N108 billion to the existing supplementary budget proposal to take care of the last quarter of 2015 subsidy claim. This raised the supplementary budget to N574,532,726,857.