NIGERIA'S FINANCE MINISTER LAYS 4.6TRILLION NAIRA BEFORE NATIONAL ASSEAMBLY

Minister of Finance, Dr Ngozi Okonjo-Iweala has layed the 2014 Budget estimate to the National Assembly.

Dr Okonjo-Iweala took a bow and placed the document before lawmaker today.

Before the presentation, Senate President, David Mark sought the approval of his colleagues to allow the Minister table the fiscal document and thereafter discharged her.

Our Correspondent, Fidel Oseghale reports that the total figure of the 2014 budget is Four-Point-Six trillion naira. This is one billion less than the 2013 estimate.

Dr Okonjo-Iweala later told journalists that the budget will focus on job creation.

Recurrent Revenue is three-point-seven trillion while Capital expenditure is one-point-one trillion-naira.

President Goodluck Jonathan had yesterday written to both chambers of the National Assembly, indicating that he will no longer present the budget personally as scheduled.

Rather, the Minister of Finance and Coordinator of the Economy, Dr. Ngozi Okonjo-Iweala, would lay the budget on his behalf.  President of the Senate David Mark read President Jonathan’s letter at plenary yesterday. 

No reason was given for the president’s action.

The National Assembly and the Presidency had been at loggerheads over the benchmark for crude oil.
While the President Jonathan proposed $74 per barrel of crude oil, the Senate opted for $76 and the House of Representatives, $79. This stalled the initial presentation of the budget.
However, on Tuesday the National Assembly harmonised their position and settled for $77.5 benchmark.