2015 Budget: Senate Passes N4.4trn

The Nigerian Senate on Tuesday passed a budget of N4.493 trillion for 2015 out of the N4.357 trillion proposed by the executive in December 2014, marking an increase of N135.4 billion, following the consideration of the report of its Joint Committee on Appropriation and Finance.

Senate President, David Mark, who spoke after the budget passage, called for judicious implementation of the budget.

It would be recalled that the committee report had been laid before the Senate sinec April 23 by the Deputy Chairman, Senate Committee on Appropriations, Sen. Sonni Ogbuoji (PDP-Ebonyi South).

A breakdown of the budget The budget provides for N2.607 trillion for recurrent expenditure, N556 billion for capital expenditure, N375 billion for statutory transfers and N953 billion for debts servicing.

A further breakdown indicates that N894 billion is earmarked for domestic debts and N59 billion for foreign debts servicing.

The budget templates indicated that the Senate adopted $53 as oil benchmark, production of 2.2782million barrels of crude oil per day, N190/US$1 as exchange rate, N1,075.303 trillion as fiscal deficit as well as 1.12 per cent as deficit/Gross Domestic Product respectively.

Notably, N21 billion was provided for Subsidy Reinvestment and Empowerment Programme (SURE-P), but there was conspicuously no provision for fuel subsidy.

It also cut down the National Assembly’s budget from N150 billion to N120 billion, a N30 billion reduction.

The sum of N62 billion is allocated to the Independent National Electoral Commission (INEC), N73 billion for National Judicial Council (NJC), N46.720 billion for Niger Delta Development Commission (NDDC).

Also, N68.380 billion is allocated to the Universal Basic Education Commission (UBEC), N4billion to Public Complaints Commission (PCC) and N1.516 billion to National Human Rights Commission (NHRC).

Author: newsadmin2

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