ISLAMABAD:
President Mamnoon Hussain approved extension of the 7th National Finance Commission Award (NFC) on Tuesday, to provide due fiscal shares to provinces allocated in the federal budget 2015-16.
The presidency issued a handout informing the media that the president had signed the summary regarding the extension.
The last year’s NFC award expired on Tuesday (June 30) and on the same day it was extended by the president.
It has been reported that extension of the existing award required consent of at least three provinces.
The centre has already informed provinces about their next year’s shares set in the federal budget. However, a senior government official said provinces had made their budgets on the basis of previous award.
