The Nigerian Senate has passed the sum of N57 billion as the budget of the Nigeria Police Trust Fund for the 2023 fiscal year.
Godswill Akpabio, the Senate president announced the approval of the police trust fund budget after considering a joint report of the Senate and House of Representatives committees on police affairs on the 2023 budget proposal of the Nigeria Police Trust Fund.
Read also: Reps to audit Lottery Trust Fund for spending 100% IGR
The majority of the senators supported it through a voice vote during plenary on Tuesday.
Ahmed Mallam-Madori, chairman of the Senate committee on police affairs (Jigawa North-East), who presented the report said, the committee recommended that N47 billion should be approved for capital expenditure and N9 billion should be approved for total recurrent expenditure.
Mallam-Madori, who is a former minister of state for power and steel development, said the joint committee involving both chambers of the National Assembly observed that the NPTF was still implementing the 2022 budget for the welfare of police officers.
The joint committee also observed that the proposed 2023 budget was the fourth budget of the NPTF proposed to the National Assembly since its establishment in 2019.
“This is the fourth budget of the NPTF since its inception in 2019. The NPTF is currently carrying on with the implementation of its 2022 approved budget.
“That the 2023 accrued revenue of the NPTF is as follows: 0.5 percent of total revenue accrued to the federation account amounting to N56.2 billion “, the report read.
“0.05 percent of the net profit of companies in Nigeria is N308.9 million; aids, grants and donations generated the sum of N500 million.
Read also: FG targets $5bn annually for humanitarian, poverty alleviation trust fund
The committee’s report was accompanied by the draft budget and was not subjected to debate.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
