The House of Representatives said on Sunday that it would do a “thorough overhauling” of the 2016 budget to conform it with current economic realities.
It said it was unlikely that the N6.08tn budget would return to President Muhammadu Buhari in
the same content and structure that it came to the National Assembly.
Buhari had presented the budget at a joint session of the Senate and the House of Representatives last week, with falling prices of crude oil. He had estimated a $38 per barrel price for crude oil, but oil has fallen below that.
House Minority Leader, Leo Ogor said the President should have known that the budget presented was a mere proposal which was not sacrosanct.
“What we have before us are mere proposals. None is sacrosanct.
“That is why we are the legislature, which has the power of appropriation.
“The proposals will be subjected to thorough overhauling, taking into cognisance the current economic realities of the country and our revenue expectations from funding sources,” Ogor added.
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