By Henry Umoru & Joseph Erunke

ABUJA—THE Senate, yesterday, approved the allocation of three per cent of the Value Added Tax, VAT, accruable to the Federal Government to the proposed North-East Development Commission for a period 10 years as intervention fund.

The approved money is to be used to rebuild the North-East geo-political zone of the country that had been ravaged, following the activities of Boko Haram insurgents.

Adopting the report and recommendations of the ad hoc committee on North-East Development Commission Bill, which was presented by the Chairman, Senate Ad hoc Committee on North-East Development Commission Bill, Senator Samuel Egwu (PDP, Ebonyi North), the Senate also proposed that the commission would be domiciled in Maiduguri, Borno State capital.

Presenting the report of the committee, Senator Egwu said: “The committee reviewed and agreed with the funding arrangement that was proposed in the Bill, but for the aspect that sought five per cent of VAT without a time frame.

“It was reviewed to three per cent of the Federal VAT for 10 years that will serve as intervention from the Federal Government.”

With the adoption of the recommendation of the ad hoc committee, the funding of the commission will also include 15 per cent of allocation to the six north-eastern states.

After adopting the recommendations, Senate referred the Bill to the Standing Committee on Special Duties, chaired by Senator Murtala Nyako, saddled with the responsibi-lity of effecting the changes in the area of funding and location of the commission as well as bring the Bill back to the Senate for final passage (Third Reading).