PRESIDENT Goodluck Jonathan has proposed an amendment to the 2011 National Budget of N4.9 trillion, as he asked the National Assembly to approve a review of the budget, which he pruned down to N4.4 trillion.
The reduction by Jonathan ran into over N500 billion, affecting mostly the statutory transfer, which had a provision of N496.6 billion and the National Assembly votes, which had been cut to N120 billion from the initial sum of N232.7 initially approved.
The figure for debt servicing was increased by N50 billion from N445 billion to N495 billion, while recurrent expenditure was reduced from N2.469 trillion to N2.401 trillion.
The president also slashed the figure for the contribution to development fund for capital expenditure from N1.562 trillion to N1.122 trillion, a reduction N440.1 billion.
The chairman, House Committee on Rules and Business, Honourable Ita Enang, told members that there was a correspondence from President Jonathan, asking the House to amend the 2011 appropriation bill
which he assented to on Monday.
The bill passed through both the first and second reading after the chairman, House Committee on Finance, Honourable John Enoh and chairman, House Committee on Appropriation, Honourable Ayoade Adeseun, supported the motion in national interest.
The Speaker, Honour-able Dimeji Bankole, referred the bill to the House committees on finance and appropriation, while directing the committees to meet and submit their report to the House at the plenary by 10.00 a.m today.
The Senate, also on Tuesday, agreed to review the 2011 appropriation bill of N4.9 trillion and reduce it by N500 billion.
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