By Olusegun Lawrence Nigeria’s Senate Wednesday passed the 2014 appropriation bill of N4.695, 190 trillion into law. However, the amount is N53 billion higher than the N4.642 trillion proposed by the Executive.
Prior to the clause-by-clause consideration of the budget, members of the opposition All Progressives Congress (APC) had kicked against its consideration, but were ruled against by Senate President David Mark.
After the passage, members enjoined the Executive to implement the budget as passed.
The breakdown shows that out of the total budget passed for the 2014 fiscal year, N2,454,887,566,702 trillion was for recurrent expenditure, N1,119,614,631,407 trillion was for capital expenditure, N408,687,801,891 billion was for statutory transfer and N712 billion for debt service.
Also in the Appropriation is the sum of N268,370 billion which is for the Subsidy Reinvestment Programme, SURE-P, a component of the budget, this amount did not form part of the aggregate budget figure of N4,642,960 as proposed by the executive which was however captured in the final compilation of the Bill.
In preparing the details of the 2014 Bill, the Committee adopted a benchmark price of $77.50 per barrel of crude oil. The Committee also adopted the Executive proposal of crude oil production of 2.3883 million barrels per day (mbpd) and an exchange rate of N160 to US$1.
APC Senators attempted to block the passage of the N7 billion proposed for the ongoing National Conference but the Senate President again, ensure its passage.
Presenting the budget profile report earlier, the Chairman, Senate Committee on Appropriation, Ahmad Maccido submitted that the appalling state of budget implementation in the country was still a worrying recurring decimal for our economy.
According to him, “Unspent funds that are rolled over into the economy only make a mockery of development which is a dire necessity across the Nation”, adding that government must be seen to be taking steps to improve on this.
“The 2014 budget which is described as one of job creation and inclusive growth, deserves to urgently rise the occasion to defend itself, in view of the yawning gap between employment created and the army of the unemployed”, he added.
In his remarks after the passage of the budget by the Senate, the Senate President, David Mark, said: “I hope and pray that the executive will work hard as we have done here in the National Assembly on this budget by ensuring its thorough implementation for the general good of all Nigerians”.
Prompt News recalls that the Executive late last year presented a budget proposal of N4, 642,960 trillion to the National Assembly for consideration and passage.
