408.7 billion Naira was approved for statutory transfers, from the 399.7 earlier proposed. The sum of 712 billion was approved for debt service, while 2.5 trillion Naira for recurrent non-debt expenditure and 1.1 trillion Naira accommodated capital expenditure for this fiscal year.
In the proposal presented by the executive, the recurrent expenditure was 2.4 trillion Naira and the capital expenditure was at 1.1 trillion Naira.
An oil price benchmark of $77.5 per barrel, a Crude oil production of 2.3883 million barrels daily, a Gross Domestic Product (GDP) growth rate of 6.75 per cent, an additional Inflation rate of 9.5 per cent and an Exchange Rate of 160 Naira to $1.00 were the basis for the Senate's approval.
The House of Representatives will have a third reading before harmonising the bill and further presentating it to the president for his assent.
The bill according to Okonjo-Iweala, “is a 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.”
What are your reactions on the amount approved by the Senate for 2014? Though it is said to be the least amount in the past few years, do you think it is too much or too small for the nation? Do you think the amount proposed for certain categories will be utilised efficiently as proposed?
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