Abuja - The Federal Government has proposed a budget proposal of N4.6 trillion for the 2014 fiscal year, one billion less than the 2013 estimate. The expected revenue for the period is N3.73trillion, reports The Nation.
The budget, which was laid before the two chambers of the National Assembly by the Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, also estimated that N168.37b will be spent on the Subsidy Re-Investment and Empowerment Programme (SURE-P).
She said N1.1trillion is for capital expenditure, which represents 27 percent of the budget, while the balance of 72 percent is for recurrent expenditure.
President Goodluck Jonathan failed to perform the yearly ritual of reading the budget to the joint sitting of the National Assembly.
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