2014 Budget Is Now Approved By Both The Senate And The Reps
The House of Representatives followed the steps of the Senators, passed the N4.695 trillion budget for the new financial year on April 10, 2014, Thursday.
The budget is made up of:
- N408.687 billion statutory transfers;
- N712 billion debt servicing;
- N2.454 trillion recurrent expenditure;
- N1.119 trillion capital expenditure.
The budget passed was based on the estimated oil price of $77.5 per barrel. Crude oil production was set at the rate of 2.3883 million barrels per day.
Estimated Gross Domestic Product (GDP) growth rate – 6.75%; inflation rate – 9.5%.
Expected Naira-USD exchange rate – N160 per 1 $.
The Speaker, Aminu Tambuwal, applauded the development, stated that the passage of the budget would bring the common benefits to all the Nigerians.
The House will now be on Easter break until April 29.
It would be recalled that the Senate passed a N4.695 trillion 2014 appropriation bill on April 9, 2014, Wednesday. The House and the Senate now need to harmonize the budget before sending it to President Goodluck Jonathan for signing into law.
Source: Legit.ng
