ABUJA (Presidency Report) – The Nigerian Senate has considered and passed the 2014 Appropriation Bill on Wednesday April 9, 2014. The bill which was presented by the Joint Committee on Appropriation and Finance, chaired by Ahmed Maccido had undergone a third reading.
In his remarks at the occasion, the Senate President, David Mark congratulated the distinguished Senators for the quick passage of the bill and urged the executive to implement the appropriation act as passed.
He further revealed that the Bill which was unanimously passed by the distinguished Senators sought to authorize the issue from the consolidated revenue fund of the Federation, the sum of N4, 695,190,000,000 (Four Trillion, Six Hundred and Ninety Five Billion, One Hundred and Ninety Million Naira only). Adding, the sum of N408,687,801,891 (Four Hundred and Eight Billion, Six Hundred and Eighty Seven Million, Eight Hundred and One Thousand, Eight Hundred and Ninety One Naira only) has been set aside for statutory transfers, while the sum of N712,000 000 000.00 (Seven Hundred and Twelve Billion Naira) has been earmarked for debt servicing.
He also indicated that N2, 454,887,566,702. 00 (Two Trillion, Four Hundred and Fifty Four Billion, Eight Hundred and Eighty Seven Million, Five Hundred and Sixty Six Thousand, Seven Hundred and Two Naira) will be utilized for recurrent expenditure with the balance of N1,119,614,631,407.00 (One Trillion, One Hundred and Nineteen Billion, Six Hundred and Fourteen Million, Six Hundred and Thirty One Thousand, Four Hundred and Seven Naira) voted as contribution to the development fund for capital expenditure for the year ending 31st December, 2014.
Also, the Senate at its plenary on Wednesday April 9, 2014 deferred voting on the review of the 1999 Constitution of the Federal Republic of Nigeria (further amendment) Bill 2011 to another legislative day.
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