President Muhammadu Buhari has sent the 2021 budget proposal of the Nigeria Police Trust Fund to the National Assembly for consideration.
This was announced by the Presidency in a statement on Wednesday.
They said: “President Muhammadu Buhari has sent the 2021 budget proposal of the Nigeria Police Trust Fund to the National Assembly for consideration and approval, in line with Sections 4, 5 and 21 of the Nigeria Police Trust Fund Establishment Act 2019.
“The Nigeria Police Trust Fund was established following Presidential assent to the Establishment Bill in 2019, as a special intervention fund for: Training and retraining of Police personnel, Procurement of equipment, operational vehicles and other related facilities.”
The Presidency added that the fund would also enable the procurement of equipment, operational vehicles and other related facilities. In addition, the funds will also be used for the construction of police stations, barracks and other living facilities for personnel of the Nigeria Police Force and their dependents.
What you should know
- Recall Nairametrics reported in 2019 that companies operating within the shores of Nigeria will soon have an extra cost to worry about, thanks to the Nigerian Police Trust Fund Act which President Muhammadu Buhari recently signed into law.
- The Nigerian Police Trust Fund Act specifies the imposition of a 0.005% levy on every Nigerian company’s net profit. Also, 0.5% of the total revenue accruing to Nigeria’s Federation Account will be added to the fund.