Senate Passes N66bn Police Trust Fund Budget

Senate has passed N66bn Police Trust Fund Budget.

 

Newsonline reports that the Senate has passed N65,905,252,467 as the budget of the Nigeria Police Trust Fund (NPFTF) for the 2022 fiscal year.

 

The amount was comprised of personnel cost of N948,810,609.29, total overhead costs N8,857,106,527.44 and total capital cost of N56,099,335,330.35.

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The Upper Chamber passed the budget after it considered and adopted the harmonised report of the National Assembly joint Committee on Police Affairs at plenary.

The Chairman of the Senate Committee on Police Affairs, Senator Halliru Dauda Jika, presented the report.

Jika identified the revenue sources for the proposed budget as; 0.5% of the total revenue accrued to the federation account that amounts to N52,569,086,241.00; 0.5% of total VAT at N11,720,616,226.00; 0.05% of Net Profit of Companies in Nigeria – N1,145,300,000.00 and aids, grants donations etc at N470,250,000.

Explaining why the Fund was not able to implement its 2021 budget, Jika attributed it to a court case filed by the Rivers State Government challenging the legality of deducting its money to finance the Fund.

He said it was based on the subsisting litigation that a directive was issued that all the monies accrued to the Fund be kept in an escrow account at the CBN pending the resolution of the matter.

He said the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, had waded in the matter by advising that henceforth, only the share of the Rivers state should be domiciled in the escrow account, while other deductions are remitted to the Fund since it is the only state that filed a suit.