Middle East

Finally, National Assembly Transmits 2014 Budget to the Executive

Two weeks after it was passed, the National Assembly yesterday transmitted the 2014 budget to the executive.
The transmission followed THISDAY's exclusive report on Monday that the budget was yet to be transmitted.
 
 
THISDAY had reported that since the second week of April when the document was respectively passed by the Senate and House of Representatives, it had only been conveyed to the Office of the Clerk of the National Assembly, Alhaji Salisu Maikasuwa, on April 16 after various legislative and administrative amendments had been carried out on the budget.
 
The report compelled Maikasuwa to explain the rationale for the delay, saying he was not the one responsible for the delay as he confirmed that the document only arrived his office on April 16 as reported by THISDAY.
 
According to him,  after the document arrived his office, he still needed to send it to the Legal Services Department of the National Assembly for legal scrutiny.
 
Hence, the document was eventually transmitted to the executive yesterday after the Legal Services Department had certified it okay.
 
The N4.695 trillion budget for the 2014 fiscal year as passed by the National Assembly is about N53 billion higher than the N4.642 trillion presented by the executive on December 19 last year.
 
Of the total budget figure, N2.454 trillion was approved as recurrent expenditure while the sum of N1.119 trillion was passed as capital spending. The budget also contained N408.6 billion for statutory transfers as well as N712 billion for debt service. 
 
The lawmakers also passed the entire N268.3 billion budget proposed by the executive. The budget was predicated on $77.50 per barrel crude oil benchmark; proposal of 2.3883 million per barrel of crude oil production per day, exchange rate of N160 to $6.75 per cent growth rate of Gross Domestic Product (GDP) as well as 9.5 per cent inflation rate.
 
The breakdown of the budget as passed showed that education had the largest chunk with N373.5 billion as recurrent expenditure and N50.7 billion as capital expenditure.
 
This is followed by security which consists of Ministry of Defence, Army, Navy and Air Force with N314.3 billion as recurrent expenditure and N35.3 billion as capital expenditure.    
 
After security is police formation and command budget of N295.5 billion as recurrent expenditure and N7.3 billion capital expenditure.
 
Others are health – N214.9 billion recurrent expenditure and N49.5 billion capital expenditure; works – N106.3 billion capital expenditure and N27.4 billion recurrent expenditure; power – N3.3 billion capital expenditure and N59.8 billion recurrent expenditure, among others.

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