The 2018 Appropriation Act

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Monday, May 21, 2018 /10:58 AM / National Assembly

 

A Bill for an act to authorize the issue from the Consolidated Revenue Fund of The Federation the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty  Billion, Three Hundred and Thirty Four Million, Nine Hundred and Eighty Eight Thousand, Two Hundred and Twenty Five Naira) only, of which, N530,42T,368,624 (Five Hundred“ and Thirty Billion, Four Hundred and Twenty One Million, Three Hundred Sixty Eight Thousand, Six Hundred and Twenty Four Naira) only is for” Statutory Transfers, N2,203,835,365,699 {Two Trillion, Two Hundred and Three Billion, Eight Hundred and Thirty Five Million, Three Hundred and Sixty Five Thousand, Six Hundred and Ninety Nine Naira) only is for Debt Service, N3,512,677,902,077 (Three Trillion, Five Hundred and Twelve Billion, Six Hundred and Seventy Seven Million, Nine Hundred and Two Thousand, Seventy Seven Naira)  only is for Recurrent (Non-Debt) Expenditure while The sum of N2,873,400,351,825 (Two Trillion, Eight Hundred and Seventy Three Billion, Four Hundred Million, Three Hundred and Fifty One Thousand, Eight Hundred and Twenty Five Naira) is for contribution To The Development Fund for capital  Expenditure for The year ending on The 31st day of December, 2o18. 

The Accountant-General of The Federation shall, when authorized To do so by Warrants signed by The Minister  charged with responsibility for finance, pay out of The Consolidated Revenue Fund of The Federation during The year ending on The 31st  day of December 2018, The sums specified by The warrants, not exceeding in The aggregate N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty Four Million, Nine Hundred and Eighty Eight Thousand, Two Hundred and Twenty Five Naira only. 

The amount mentioned in subsection (l) of this section shall be appropriated To heads of expenditure as indicated in The Schedule to this Bill. 

No part of the amount aforesaid shall be released from the Consolidated Revenue Fund of The Federation after The end of the year mentioned in subsection (i) of this section. 

All amounts appropriated under This Bill shall be released from The Consolidated Revenue Fund of The Federation only for The purpose specified in The Schedule to This Bill. 

In The event that the ‘implementation of any of the projects" intended to be undertaken under This Bill cannot be, completed without virement, such virement shall only be effected with The prior approval of The National Assembly. 

The Accountant-General of The. Federation shall immediately upon. The coming info force of This Bill maintain a separate record for The documentation of Revenue accruing to The Consolidated Revenue Fund in excess of oil price benchmark adopted in This Budget 

Such revenues as specified in Sub-section (l) of this section-refers to Revenues accruing from sales of government crude oil in excess of The approved benchmark price per barrel, The Petroleum Profit Tax and Royalty on Oil and Gas

No funds shall be-paid out of the monies arising from The record specified in Section (4) except by an ACT/approval oil The National Assembly. 

The Accountant-General of The Federation shall forward To the National Assembly full details of funds released To the government Agencies immediately such funds are released. 

The Minister of Finance shall ensure that funds appropriated under this Act are released to The appropriate agencies and or organs of government as and when due, provided That no funds for any quarter of The fiscal year shall be deferred without prior waiver from the National Assembly.  

The department of government charged with the responsibility of certifying That due processes have been complied with in The processing of implementation of projects shall ensure That all processes of approval are completed within the specified period as provided for in the Public Procurement Act. 

All Accounting Officers of Ministries, Parastatals   and Departments of Government who control heads of  expenditures shall upon The coming into effect of this Bill furnish The National Assembly on quarterly basis with detailed information on The infernally Generated Revenue of The agency in any form whatsoever; 

All Accounting Officers of Ministries, ParastataIs and Departments of government who control heads of expenditures shall upon The Coming into effect of this bill furnish The National Assembly on quarterly basis with detailed information on all foreign and or domestic assistance received from any agency, person or organization in any form whatsoever. " 

For The purposes Of This Bill The Term ”schedule" includes The detailed estimates of expenditure attached thereto In line with the provisions of Section 318 of The Constitution of The Federal Republic of Nigeria 1999 as amended, This bill will run' for a course of 12 months starting from the date it is assented into law 

This Bill may be cited as The Appropriation Act 2018. 

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