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