NIGERIA ALLOCATES $630 MILLION IN SUPPLEMENTARY BUDGET

Nigeria’s President Muhammadu Buhari asked lawmakers to reallocate 229 billion naira ($630 million) in a supplementary budget, less than a month after he signed 2018’s spending plans into law.

The transfers are necessary partly to help the government prepare for general elections that’s scheduled for February and is expected to cost 242 billion naira, according to a letter from Buhari to the Senate. Buhari proposed the reallocation of funds for the budget of 9.1 trillion naira that he approved on June 20. He is opposed to increasing spending any further, according the letter.

Buhari said in June he would consider a supplementary budget after lawmakers submitted a spending framework that was 5.8 percent bigger than what he proposed to them in November. “Implementing a budget of 9.12 trillion naira will be extremely challenging and therefore, I do not consider it expedient to propose a further increase to the size,” he said in the letter.

For the election in which he will seek another term, Buhari wants this year’s budget to allocate 164 billion naira and the balance should come from next year’s spending plan. He also asked lawmakers to amend spending cuts and new allocations amounting to 578 billion naira that they made to the budget he proposed initially.

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