The House of Representatives on Thursday jacked up the 2014 budget by N53 billion and passed N4.695 trillion as against the N4.642 trillion proposed by the executive.
On Wednesday, the Senate had passed the same figure. Prompt News recalls that President Goodluck Jonathan had laid the budget before the two Chambers in December 2013 through the Minister of Finance, Ngozi Okonjo-Iweala.
The details show statutory transfers, N408.687 billion; debt servicing, N712 billion; while the recurrent expenditure is increased from N2.4 trillion to N2.454 trillion; and capital expenditure from N1.1 trillion to N1.119 trillion.
The oil benchmark of of $77.5 per barrel and crude production of 2.3883 million barrels per day was used in passing the budget, while the GDP is out at the growth rate of 6.75%, inflation rate at 9.5% and exchange rate at N160 to one United States dollar
Speaker Aminu Tambuwal was delighted that members worked assiduously to pass the budget in record time.
Commenting on the passage, Chairman of the House Committee on Media and Public Affairs, Zakari Mohammed (APC-Kwara) described it “as an act of patriotism by members of the House”.