Abuja - Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister for the Economy, has said that the 2014 budget will address the demands of civilians’ pensions.
Okonjo-Iweala stated this in a statement issued by her Special Adviser on Media, Paul Nwabuikwu, in Abuja on Thursday.
She explained that the inclusion of the civilians’ pensions in the budget contributed to its high recurrent expenditure.
She noted that the country was yet to fully absorb pension’s implications of the 2010 wage increases, explaining that beginning with 2013 budget, the Federal Government began tackling the payment of outstanding military pensions.
On excessive borrowing, she said that the flow of domestic borrowing had reduced from N852 billion in 2011 to N588 billion in 2013, adding that a borrowing of N572 billion had been proposed in the 2014 budget.
She described allegations being made about the borrowing as “unfortunate”, saying that she ensured the repayment of N75 billion of the nation’s domestic bonds.
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