The House of Representatives on Thursday passed a resolution to increase the revised 2020 budget from N10.806 trillion to N10.810 trillion.
The resolution was passed after the adoption of a debate on the motion sponsored by the chairman, House Committee on Finance, Hon Abiodun Faleke, who underscored the need to add the sum of N5,256,207,430 to the Statutory share of revenue of four agencies namely: Niger Delta Development Commission (NDDC), North East Development Commission (NEDC), Universal Basic Education Commission (UBEC) and Basic Health Care Fund.
Breakdown of the fund showed that additional sum of N1,746,411,240 was added to the 15 per cent NDDC States share Federation Account; NEDC statutory share was increased by N816,871,125 (being 10 per cent of North–East States of FAAC); UBEC statutory share was increased by N1,795,283,376 (being 2 per cent of CRF); while Basic Health Care Fund statutory share was increased by N897,641,688 (being 1 per cent of CRF).
Credit: Tribune
