National Assembly increase budget to #120B

Posted by admin | 9 years ago | 2,516 times

Against speculations that the National Assembly has cut its statutory allocations to #115 billion, the red chamber of the National Assembly at their sitting on March 12 adopted the proposal for the fund to be increased to #120 billion.

In the report of the National Assembly Conference Committee on 2015-2017 Medium Term Expenditure Framework and Fiscal Strategy paper, both houses recommended that the fund should be increased   from #115 billion to #120 billion.
The dwindling economic situation of the nation was said to have informed the decision of the budget office to cut the allocation, but this was said to have caused a problem between members of the National Assembly.

Meanwhile,the House of Representatives are expected to pass both the Petroleum Industry Bill and the 2015 budget when the resume from recess.

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