Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Senate passes N4.69trn 2014 budget

09 April 2014, 19:33

Abuja - The Senate on Wednesday passed the 2014 Appropriation Bill of N4.695 trillion.

The approved budget is N53 billion more than the estimate presented by the executive to the National Assembly.

The Senate approved the budget after considering the reports of the Ahmad Maccido-led committee on Appropriation and the Ahmed Makarfi-led committee on Finance.

The budget, tagged, ``Budget of Fiscal Consolidation and Inclusive Growth’’, was based on a benchmark of $77 per barrel of crude and oil production of 2.39 million barrels per day.

The budget is also predicated on a GDP growth rate of 6.75 percent, inflation rate of 9.5 percent and an exchange rate of N160 to one dollar.

Leading the debate on the budget, Maccido decried the appalling state of budget implementation in the country, saying it was a worrisome recurring decimal for the economy.

The highlights of the approved budget are statutory transfer, N408.6 billion; debt service, N712 billion; recurrent expenditure, N2.4 trillion, and capital expenditure, N1.1 trillion.

The Senate President, David Mark, who presided over plenary, commended the committees for a job well done, adding that it was a tedious job.

Mark appealed to the executive to follow in the footsteps of the legislature and ensure optimal implementation of the budget.

“Whilst we have done so much to pass it, I hope that the executive will equally work as hard to implement it," he said.

The highest sectoral allocation in the budget is Education with N424.3 billion, while Defence follows with an allocation of N349.7 billion.

The 2013 budget was N4.987 trillion, a sum that is N308 billion more than the current budget.

-      NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...