NEWS
The Senate today passed the 2014 budget totalling N4.695tr, an amount which is N52.2bn higher than the N4.642trl which was submitted by President Goodluck Jonathan to the National Assembly on December 19, 2013, through the Co-ordinating Minister of the Economy and Minister of Finance, Mrs. Ngozi Okonjo-Iweala. CONTINUE...
The upper chamber at its plenary presided over by the Senate President, David Mark, approved the budget following the clause by clause consideration of the document at the committee of supply which lasted about one and half hours.
Highlights of the 2014 budget as approved by the senate are, Statutory Transfers (N408,687,801,891),
Debts Service (N712,000,000,000),
Recurrent Expenditure (N2,454,887,566,702),
Capital Expenditure (N1,119,614,631,407)
Aggregate Expenditure is N4,695,190,000,000.
The Executive proposal submitted by Jonathan was N4,642,960,000,000 which included,
N399,687,801,891( statutory transfers)
N712,000,000,000 ( debt service),
N2,430,665,361,597 (recurrent, non-debt expenditure)
while the balance of N1,100,606,836,512 is for contribution to the development fund for capital expenditure.
The Committee subsequently referred the schedules of the bill to the appropriate Standing Committees on money bills in line with Order 92(4) (a) of the Senate Standing Order.
The Committee drew up a work plan which gave Standing Committees a timeline within which to submit their reports.
This was extended to the end of March, 2014 to conclude engagement with Ministries/Departments/Agencies and report back to the Committee.
A total of 51 Committees submitted reports and defended same before the Committee.
There is also a Subsidy Reinvestment Programme component of the budget to the tune of N268,370,000,000 for the year 2014, which did not form part of the aggregate budget figure of N4.6429 trliiion but however captured in the final compilation of the bill.
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