The appropriation bill yesterday on the floor of the Senate passed second reading after an exhaustive executive session. The appropriation bill is a bill for an act to authorize the issue from consolidated revenue fund of the Federation the total sum of N4,357,960,000.00 ( Four trillion, three hundred and fifty seven billion, eight hundred and forty million Naira )only
Of this amount, the sum of N 411,840,000,000 ( Four hundred and eleven billion, eight hundred and forty million Naira )only is set aside for statutory transfers while N 943, 000,000,000 ( Nine hundred and forty three billion Naira ) is for debt servicing and N2,616,007,426,233 ( Two trillion, six hundred and sixteen billion, seven million, four hundred and twenty six thousand, two hundred and thirty three Naira ) for recurrent, non debt expenditure.
The balance of N387, 112,573,767 ( Three hundred and eighty seven billion, one hundred and twelve million, five hundred and seventy three thousand, seven hundred and sixty seven Naira ) only is for contribution to the development fund for capital expenditure for the year ending 31st day of December 2015
The senate subsequently adjourned plenary till 17th February, 2015.
Charles Akpan
Asst. Director
