The Nigerian Senate is making moves to get hold of 2.5 per cent of the Nation's annual budget.
According to The Guardian, the lawmakers have started a move to create a Constituency Development Fund which will be legally backed by a new legislation, tagged “Constituency Development Fund Bill 2016”. The 2.5percent of the budget will be domiciled in the federal ministry of agriculture and rural development, and financed through deductions from annual national revenues.
If this legislation becomes functional by next year, the 2.5 per cent of the N7.3 trillion budget for 2017 which is N182.5 billion will go for constituency projects. This means each senator will be taking home N1.7 billion for constituency projects.
The Constituency Development Fund Bill 2016 was sponsored by Senate Leader, Mohammed Ali Ndume.
According to The Guardian, the lawmakers have started a move to create a Constituency Development Fund which will be legally backed by a new legislation, tagged “Constituency Development Fund Bill 2016”. The 2.5percent of the budget will be domiciled in the federal ministry of agriculture and rural development, and financed through deductions from annual national revenues.
If this legislation becomes functional by next year, the 2.5 per cent of the N7.3 trillion budget for 2017 which is N182.5 billion will go for constituency projects. This means each senator will be taking home N1.7 billion for constituency projects.
The Constituency Development Fund Bill 2016 was sponsored by Senate Leader, Mohammed Ali Ndume.
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