Overview

The 2016 Appropriation Act authorizes the issuance of a total sum of N6,060,677,358,227 from the Consolidated Revenue Fund of the Federation of Nigeria for the fiscal year ending December 31, 2016. The allocation is broken down as follows: N351,370,000,000 for Statutory Transfers, N1,475,320,000,000 for Debt Service, N2,646,389,236,196 for Recurrent (Non-Debt) Expenditure, and N1,587,598,122,031 for contribution to the Development Fund for Capital Expenditure. The Act outlines procedures for fund release via warrants signed by the Minister of Finance, appropriation to specific heads of expenditure, and stipulates that funds must be used only for their designated purposes. Virement (reallocation) of funds requires prior approval from the National Assembly. Excess revenue from oil sales above the benchmark price of $38 per barrel, along associated taxes and royalties, must be recorded separately by the Accountant-General. These excess funds cannot be disbursed without an Act of the National Assembly. The Act also mandates the Accountant-General to provide full details of fund releases to government agencies to the National Assembly.

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