SAHARANEWS – President Muhammadu Buhari’s led administration has reduced the N37bn budget for the renovation of the National Assembly complex to N 27.7 bn.
Recall that the renovation of the complex at the initial cost of N 37 bn , 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 on Thursday presented the 2020 Appropriation Act ( amendment) 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.