…as House considered, approved N1.9trn budget for NDDC
By Gloria Ikibah
The House of Representatives has passed a Bill to amend the 2024 Appropriation in line with President Bola Tinubu’s request.
Titled, “A Bill for an Act to Amend the Appropriation Act, 2024 to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦3,200,000,000,000.00 (three trillion two hundred billion, Naira) only. is for Capital Expenditure and the sum of ₦3,000,000,000,000.00 (three trillion, Naira) only is for recurrent expenditure for the year ending on the 31st day of December, 2024 (HB. 1610)”.
Also, the Bill for an Act to Amend the Finance Act, 2023 to impose and charge Windfall Tax on Banks and Provide for the Administration, scaled second reading.
The House also considered and approved N1.9 trillion budget for the Niger Delta Development Commission (NDDC).
The sum of N38,545,349,193 is earmarked for personal expenditure; N29,246,506,753 is for overhead expenditure; N8,785,574,130 for internal capital expenditure; N835,222,569,924 for development projects; while N1,000,000,000,000 is for Legacy Projects Funded by Borrowing for the year ending 30 April, 2025.
The report of the Committee on NDDC presented by Hon. Erhiatake Ibori–Suenu which was considered and approved.
The report reads: “That the House do consider the Report of the Committee on Niger Delta Development Commission (NDDC) on the issue from the Statutory Revenue Fund of the Niger Delta Development Commission the total sum of N1,911,800,000,000 (one trillion, nine hundred and eleven billion, eight hundred million naira), only out of which the sum of N38,545,349,193 (thirty–eight billion, five hundred and forty–five million, three hundred and forty–nine thousand, one hundred and ninety–three Naira) only is for Personnel Expenditure, while the sum of N29,246,506,753 (twenty–nine billion, two hundred and forty–six million, five hundred and six thousand, seven hundred and fifty–three Naira) only is for Overhead Expenditure, N8,785,574,130 (eight billion, seven hundred and eighty–five million, five hundred and seventy–four thousand, one hundred and thirty Naira) only is for Internal Capital Expenditure, while the sum N835,222,569,924 (eight hundred and thirty–five billion, two hundred and twenty–two million, five hundred and sixty–nine thousand, nine hundred and twenty–four, Naira) only is for Development Projects,
while the sum of N1,000,000,000,000 (one trillion, Naira) only is for Legacy Projects Funded by Borrowing for the year ending 30 April , 2025 and approve recommendation therein”.