Nigeria: National Assembly passes N4.8trillion 2012 budget

(NIGERIA) – The National Assembly today passed a budget of N4.8 trillion for the year 2012.

This is made up of N372.5 billion for statutory transfers, N559.5 billion for debt service, N2.425 trillion for recurrent expenditure and N1.519 trillion for capital expenditure.

Presenting the budget  to the Senate, Chairman Senate Committee on Appropriation, Sen. Ahmed Maccido noted that the initial budget as presented by the President in 2011 was N4.648 trillion.

He explained that the budget was revised to the current figure due to the introduction of the Subsidy Re-investment Programme (SURE-P) by the President.

“While we were considering the Bill, the President sent an addendum to it which revised the 2012-2014 revenue frameworks and the 2012 budget with a SURE-P component.’’

Briefing journalists later, Maccido said the figure for the SURE-P component was N180 billion. “This increased the budget to N4.877 trillion.’’

Maccido added that the Senate increased the benchmark of crude from $70 to $72 which enabled it to save N98 billion which was ploughed into servicing of deficit.

“We also had savings from raising the benchmark from $70 to $72.  The $2 that we saved provided us N98 billion which was plunged into servicing of deficit. ’’

He said that the deficit was earlier put at N1.126 trillion but had now been reduced to less than one trillion naira.

While assessing the performance of the 2011 budget, Maccido described it as “dismal.’’

He was, however, optimistic that the 2012 budget would perform better, saying it was a good budget since most of the projects were ongoing.

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Source: DailyTrustNG

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