The House of Representatives has increased the 2021 budget by N500 billion.
The House passed the about N13.588 trillion as the 2021 budget, which is N500 billion more than the budget proposal presented by the President in October.
In passing the budget, the House directs the Accountant-General of the Federation to immediately maintain a separate record for the documentation of Revenue accruing to the Consolidated Revenue Fund in excess of oil price benchmark adopted in this Budget.
It said that revenues refers to Revenues accruing from sales of government crude oil in excess of the approved benchmark price per barrel, the Petroleum Profit Tax and Royalty on Oil and Gas.
The House also said that “no funds shall be paid out of the monies arising from the account except by an Act/approval of the National Assembly, adding that “the Accountant–General of the Federation shall forward to the National Assembly full details of funds released to the government Agencies immediately such funds are released.”
The law also mandate the Economic and Financial Crimes Commission (EFCC) and the National Financial Intelligence Unit to keep 10 percent of of monies standing in credit to them for their operations.
