Overview

The 2014 Appropriation Bill authorizes the issue of ₦4,695,190,000,000 from the Consolidated Revenue Fund of the Federation of Nigeria for the year ending December 31, 2014. The total sum is allocated as follows: ₦408,687,801,891 for Statutory Transfers, ₦712,000,000,000 for Debt Service, ₦2,454,887,566,702 for Recurrent (Non-Debt) Expenditure, and ₦1,119,614,631,407 for contribution to the Development Fund for Capital Expenditure. The bill outlines procedures for fund releases, virement (transfers between appropriation heads requiring prior National Assembly approval), treatment of excess revenue from crude oil sales above $77.5 per barrel and related taxes, and requirements for documentation and reporting of funds. It mandates the Accountant-General to maintain records of excess revenues and provide details of fund releases to the National Assembly. The Minister of Finance is responsible for ensuring appropriated funds are released. The bill also requires due process certification for capital expenditure and includes provisions on information disclosure for internally generated revenues, extra-budgetary/foreign assistance, and specific entities like the Securities and Exchange Commission. The schedule attached to the bill contains detailed expenditure estimates.

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