Supplementary Appropriation Act 2012

Link to law: http://www.nassnig.org/document/download/5967

SUPPLEMENTARYAPPROPRIATIONACT,2012
SUPPLEMENTARY APPROPRIATION ACT, 2012
EXPLANATORY MEMORANDUM
I'his Act authorizes the issue and appropriation of a total sum of =N=161,617,364,911 (one hundred and sixty-one billion, six hundred and .eventeen million, three hundred and sixty-four thousand, nine hundred and eleven \Jaira) only from the Consolidated Revenue Fund of the Federation to provide for a .upplernentary subsidy provision for the year ending 31st December, 2012.
SUPPLEMENTARY APPROPRIATION ACT, 2012
ARRANGEMENT OF SECTIONS
;ection:
1. Issue and appropriation of=N=161,617,364,911 for the Fiscal Year 2012. 2. Release of funds. 3. Citation.
SUPPLEMENTARY APPROPRIATION ACT, 2012
A BILL
FOR
\.n Act to authorizes the issue and appropriation of a total sum of =N=161,617,364,911 one hundred and sixty-one billion, six hundred and seventeen million, three hundred md sixty-four thousand, nine hundred and eleven Naira) only from the Consolidated ~evenue Fund of the Federation to provide for a supplementary subsidy provision for he year ending 31 st December, 2012.
] Commencement
ENACTED by the National Assembly of the Federal Republic of Nigeria:
The Accountant-General of the Federation shall, when authorized to do so by the Minister charged with responsibility for finance, payout during the year ending on the 31st day of December 2012, the sum specified, not exceeding in the aggregate =N=161,617,364,911 (One Hundred and Sixty- One Billion, Six Hundred and Seventeen Million, Three Hundred and Sixty- Four Thousand, Nine Hundred and Eleven Naira) only.
Issue and appropriation of =N=161,617,364,9 11 for the Fiscal Year 2012
All amounts approved under this Act shall be released for the sole purpose specified in the Schedule to this Act.
Release of Funds Schedule
\. This Act may be cited as the Supplementary Appropriation Act, 2012 Citation
SCHEDULE Section 2
A - 2012 REVENUE FRAMEWORK PARAMETERS
(i) Benchmark Price (US$) (ii) Oil Production (mbpd) (iii) Exchange Rate (N/USD$) (iv) Amount Approved in 2012 Revenue
Framework for Subsidy Payment (N)
72.00 2.48
155.00
- 888,100,000
B- Extra Amount required for 2012
Subsidy Payment (N) - 161 ,61 7,364,91 1
This is a Federation responsibility. The payment for fuel subsidy is a first line charge item under the Medium-Term Expenditure Framework.
CERTIFY, IN ACCORDANCE WITH SECTION 2 (1) OF THE ACTS JTHENTICATION ACT, CAP. A2, LAWS OF THE FEDERATION OF NIGERIA 2004, IAT THIS IS A TRUE COpy OF THE BILL PASSED BY BOTH HOUSES OF THE \.TIONAL ASSEMBLY.
~~ SALISU ABUBAKAR MAIKASUW A, OON, mni
CLERK TO THE NATIONAL ASSEMBLY?t )t DAY OF DECEMBER, 2012
Schedule to Supplementary Appropriation Bill, 2012
SHORT TITLE OF THE BILL
LONG TITLE OF THE BILL
SUMMARY OF THE CONTENTS OF THE
BILL
DATE PASSED DATE PASSED BY THE SENATE BY THE HOUSE OF
iREPRESENTATIVES
Supplementary Appropriation Bill,
2012
An Act to authorizes the issue and appropriation of a total sum of =N=161,617,364,911 (one hundred and sixty-one billion, SIX hundred and seventeen million, three hundred and sixty- four thousand, nme hundred and eleven Naira) only from the Consolidated Revenue Fund of the Federation to provide for a supplementary subsidy provision for the year ending 31 st December, 2012.
This Bill authorizes the issue and 13m December, 2012 appropriation of a total sum of =N=161,617,364,911 (one hundred and sixty-one billion, six hundred and seventeen million, three hundred and sixty- four thousand, nme hundred and eleven Naira) only from the Consolidated Revenue Fund of the Federation to provide for a supplementary subsidy provision for the year ending 31st December, 2012.
19th December, 2012
I certify that this Bill has been carefully compared by me with the decision reached by the National Assembly and found by me to be true and correct decision of the Houses and is in accordance with the provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria, 2004.
I ASSENT.
~~~ SALISU ABUBAKAR MAlKASUWA, OON, mni
Clerk-to the National Assembly )t 'zDay of December, 2012
~_-. /;'7C;;P;;~«p}J/'rz-- DR. GOODLUCK EBELE JONATHAN, GCFR
President of the Federal Republic of Nigeria .•..•. -~n. l..~_ "'{~1'"
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