Nigeria legislature building renovation initial budget was N37bn
Despite the hue and cry that greeted the 37-billion-naira budget for the renovation of the Nigeria legislature building, the Nigerian government has approved the sum of 27 billion naira for the renovation project.
The Nigerian government in its 2020 revised budget proposal reportedly cut 9.3 billion naira from the budget for the renovation of the National Assembly complex.
Analysts say the drop in the global price of crude oil and the consequent decline in projected government revenue compelled the government to cut the renovation budget.
Recall that President Muhammadu Buhari had on Thursday last week presented the 2020 Appropriation Act (amendment) Bill to the National Assembly, which both the Senate and the House passed for second reading same day.
Buhari explained that the amendment became necessary in view of the sharp decline in crude oil prices and the cut in Nigeria’s crude oil production quota occasioned by the COVID-19 pandemic.
Get real time update about this post categories directly on your device, subscribe now.