Senate Approves N4.69 Trillion 2014 Budget

The Senate on Wednesday passed N4.69 trillion as budget for the 2014 fiscal year, nearly four months after it was presented by the minister of Finance and Coordination minister for the economy, Ngozi Okonjo-Iweala, on behalf of the President.

The executive had proposed N4.642 trillion, but the amount was jerked up with an additional N53 billion, by the upper chamber.

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Approved oil benchmark for the budget is $77.5 per barrel, which is a compromise between the executive’s proposal of $74 and lawmakers $79 per barrel.

Twenty-seven percent of the budget sum, which is N1.1 trillion is for capital expenditure, while the remaining 73 per cent goes to running the government – N2.454 trillion for recurrent expenditure, N408.6 billion for statutory transfers, and another N712 billion is for debt service.

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Okonjo-Iweala noted while presenting the budget in December 2013, that the 2014 budget is lower than last year’s N4.99 trillion because of oil thefts and lower customs duties.

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