FG has reduced the N37bn budget for the renovation of the National Assembly complex to N27.7bn, in the 2020 revised budget proposal, according to documents obtained by Punch News on Tuesday, cut N9.3bn from the budget for the renovation of the National Assembly complex.
The renovation of the complex at the initial cost of N37bn, which is to be executed by the Federal Capital Territory Administration, attracted criticisms from a large section of Nigerians last year. However, following the drop in the price of crude oil and a fall in the projected government revenue, it was learned that the Federal Government decided to reduce the budget for the renovation.
The President, Major General Muhammadu Buhari (retd.), had on Thursday presented the 2020 Appropriation Act (amendment) Bill to the National Assembly, which both the Senate and the House passed for the second reading the same day. Buhari explained that the amendment became necessary in view of the sharp decline in crude oil prices and the cut in Nigeria’s crude oil production quota occasioned by the COVID-19 pandemic.
