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.
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Report By: PRNigeria.com