The Federal Government has reduced the 37 billion naira budget for the renovation of the National Assembly complex to 27.7 billion naira.
The Federal Government, in the 2020 revised budget proposal, according to documents obtained by our correspondent, cut 9.3 billion naira from the budget for the renovation of the National Assembly complex.
The renovation of the complex at the initial cost of 37 billion, 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 learnt that the Federal Government decided to reduce the budget for the renovation.
President Muhammadu Buhari, had presented the 2020 Appropriation Act Bill to the National Assembly, which both the Senate and the House passed for second reading 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.