The Senate has passed the 2014 budget totaling N4.695 trillion, an amount which is N53billion higher than the N4.642 trillion which was submitted by President Goodluck Jonathan to the National Assembly on December 19, 2013, through the Coordinating Minister of the Economy and Minister of Finance, Mrs. Ngozi Okonjo – Iweala.
Of the amount, 408.7 Naira was approved for statutory transfers, as against the 399.7 proposed by the executive.
The sum of 712 billion was approved for debt service as proposed.
The Senate also approved the sum of 2.5 trillion Naira for recurrent non-debt expenditure while the sum of 1.1 trillion Naira was approved for capital expenditure for the 2014 fiscal year.
In the proposal presented by the executive, the recurrent expenditure was 2.4 trillion Naira and the capital expenditure was 1.1 trillion Naira.
The Senate also approved the sum of 2.5 trillion Naira for recurrent non-debt expenditure while the sum of 1.1 trillion Naira was approved for capital expenditure for the 2014 fiscal year.
In the proposal presented by the executive, the recurrent expenditure was 2.4 trillion Naira and the capital expenditure was 1.1 trillion Naira.
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The approval was based on an oil price benchmark of $77.5 per barrel, Crude oil production of 2.3883 million barrels per day, Gross Domestic Product (GDP) growth rate of 6.75 per cent, Inflation rate of 9.5 per cent and Exchange Rate of 160 Naira to $1.00.
A third reading passage is expected by the House of Representatives before a harmonisation of the bill and further presentation to the president for assent.
While presenting the budget Okonjo-Iweala said: “This budget is the budget for job creation and inclusive growth; meaning that it is a budget which will continue the president’s transformation agenda for several sectors of the economy.
“The budget is going to support the push in agriculture. It will kick-start the housing sector where we can create more jobs. It is designed to promote our policies that would support manufacturing because jobs would be created there.
“Industries will also be created in solid minerals. All these support will continued to be unleashed. Job creation is the key to really solving the problems of the Nigerian economy.”
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The approval was based on an oil price benchmark of $77.5 per barrel, Crude oil production of 2.3883 million barrels per day, Gross Domestic Product (GDP) growth rate of 6.75 per cent, Inflation rate of 9.5 per cent and Exchange Rate of 160 Naira to $1.00.
A third reading passage is expected by the House of Representatives before a harmonisation of the bill and further presentation to the president for assent.
While presenting the budget Okonjo-Iweala said: “This budget is the budget for job creation and inclusive growth; meaning that it is a budget which will continue the president’s transformation agenda for several sectors of the economy.
“The budget is going to support the push in agriculture. It will kick-start the housing sector where we can create more jobs. It is designed to promote our policies that would support manufacturing because jobs would be created there.
“Industries will also be created in solid minerals. All these support will continued to be unleashed. Job creation is the key to really solving the problems of the Nigerian economy.”
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