National Assembly Passes N 4.99 Trillion 2013 Budget

Nigeria’s National Assembly on Thursday passed the 2013 Appropriation Bill of N4.99 trillion into law.

The plenary session of the Senate where the bill was passed was presided over by the Deputy President of the Senate, Ike Ekweremadu, as the Senate President had to attend the funeral of the Late Kaduna State Governor. Senator Ekweremadu commended the National Assembly for passing the 2013 budget before the end of the year, noting that this would be the first time since 1999 that both legislative houses would pass the bill without going into conference.

Senator Ekweremadu also pointed out that the passage would challenge the executive to go ahead with prompt implementation of the budget. He said “I believe that this will challenge the executive to ensure that there is proper implementation of the budget starting from the first day of January 2013. But I believe that now that we’ve passed the budget in earnest there will be no more excuse for the non-implementation of our budget.”

The simple breakdown of the budget includes N387.9 billion for statutory transfers, and N591.7 billion for debt services.

It also includes N2.3 trillion as recurrent non-debt expenditure and N1.6 trillion for contribution to the development fund for capital expenditure for the year ending December 31, 2013.

All unutilised capital expenditure in the 2012 budget has been rolled over to form part of the 2013 Appropriation Act.

Meanwhile, the spending plan is based on a $ 79 per barrel oil price benchmark.

The House of Reps session was presided over by Hon Emeka Ihedioha, the Deputy Speaker.




Author: NewsAdmin

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