FG Present 4.4Tr 2015 Budget To National Assembly

           


Dr Ngozi Okonjo-Iweala, Minister of Economy and Finance today presented the 2015 budget proposal to the National Assembly on behalf of President Goodluck Jonathan

The document submitted by the FG on the budget openly shows, based on global oil price slump, the 2015 average budget price was pegged at $65 per barrel against $77.50 per barrel in 2014; oil production for 2015 was pegged at 2.278 million barrel per day against 2.388 barrel per day in 2014; while the exchange rate was pegged at N165 to a dollar against N160 to a dollar in 2014.

Breakdown of the expenditure showed that the sum of N50.96 billion is for transfer to NDDC; N73 billion is for National Judicial Council (NJC); N72.18 billion is for Universal Basic Education (UBE); N62 billion is for Independent National Electoral Commission (INEC); N150 billion is for National Assembly; N2.50 billion is for Public Complaint Commission while N1.50 billion is for Human Rights Commission.

Out of the total sum of N943 billion proposed for debt servicing, the sum of N894.61 billion is set aside for domestic debt while N48.39 billion is for foreign debt.

For the recurrent expenditure (non-debt), Federal Government proposed N1.801 trillion for personnel costs; N216.56 billion for overheads; N228.81 billion for CRF pensions while N376.05 billion is for other Service Wide Votes.

A close door meeting was held between the speaker of the house of representative Aminu Tambuwal and the Minister of finance to seek, where she sought the cooperation of the law makers