President Buhari wants N242billion from the national assembly. Here's what the money is for.
On Tuesday, July 17, 2018, Senate President Bukola Saraki, read a letter from President Muhammadu Buhari on the floor of the senate. President Buhari’s letter essentially requested for the sum of N242billion.
What exactly will this money be used for?
Here are 5 ways the money will be spent:
1. The money will be used for the 2019 elections
Buhari’s letter contained the following words: “The aggregate cost of the 2019 elections is estimated at N242,445,322,600”.
2. However, Buhari says N164billion would do for now
The president told lawmakers that since N242billion is a huge sum of money at a time the Nigerian nation is so broke, he can manage about half that sum.
“In the light of prevailing fiscal constraints, I am proposing that the sum of N164,104,792,065.00 be provided for through virement or supplementation of the 2018 budget”, Buhari said.
Virement basically means an administrative transfer of funds from one part of the budget to another.
3. Here’s how the N164billion will be spent
Buhari explained that if lawmakers approve the N164billion sum:
* INEC will get N143,512,529,455.
* Office of the National Security Adviser will receive N3,855,500,000.
* The DSS will get N2,903,638,000.
* N1,845,597,000 will be handed to the Nigeria Security and Civil Defence Corps.
* The police will get N11,457,417,432.
* The Nigeria Immigration Service will receive N530.1 million.
4. Buhari says if the nation wants free and fair elections, the national assembly had better approve the money
The president’s words were: “As you are aware, the 2019 general election is scheduled to be conducted early in 2019. To ensure that adequate arrangements are made for free and fair elections, it has become necessary to appropriate funds to enable the relevant agencies to commence preparations”.
5. Buhari says he won’t be presenting a supplementary budget for the purpose of the election money
According to Buhari: “Implementing a budget of N9.12 trillion for 2018 will be extremely challenging and therefore, I do not consider it expedient to propose a further increase to the size of the 2018 Expenditure Framework to fund these very important and critical expenditure items".