Reps approve N420b CBN’s 2016 budget

The Central Bank of Nigeria (CBN’s) budget of N420,787,701,850.00 for 2016 has been passed by the House of Representatives.

The budget that ends on December 31 this year has N419,672,000,320 allocated for recurrent expenditure, while the excess revenue over expenditure stood at N1,115,701,530.

Details of the budget that was presented by Chairman Committee on Banking and Cureency, Jones Onyereri (PDP, Imo) was neither attached nor debated on the floor at the Committee of Supply chaired by the Speaker, Yakubu Dogara.

A budget of N10,634,353,111 was also approved for National Drugs, Food Administration and Control (NAFDAC).

The breakdown of NAFDAC’s budget showed that N6,906,795,811 is for overhead costs, and N3,727,557,300 is for capital expenditure for the year ending December 31, 2016.

The 2016 NAFDACbudget has N900m allocated for Capital expenditure and another N900m to provide mobile laboratories and accessories. N80m was set aside for laboratory equipment and N201,964,050 on NAFDAC HQ Laboratory Building- Construction and N101,540,000 on provision of Motor Vehicles.

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