Tuesday 16 December 2014

FINANCE MINISTER TO PRESENT =N=4.3 TRILLION BUDGET TO NASS TOMORROW

Dr. Ngozi Okonjo-Iweala Nigeria Minister of Finance
Nigeria's Finance Minister, Dr. Ngozi Okonjo-Iweala will tomorrow present a N4.3 trillion budget estimate to the Senate and House of Representatives.

The budget estimate of N4.3 trillion for 2015 in comparison to this year's figure of N4.7 trillion, indicates a downward review by N400 billion.


President Goodluck Jonathan in a letter addressed to the Senate President, David Mark, and read on the floor during plenary today explained that the delay in presentation of the estimates before the passage of the Medium Term Expenditure Framework by the National Assembly was due to the extra-ordinary global circumstances that confronted the country in the latter quarter of the 2014 fiscal year.

According to President Jonathan, shortly after the first submission of the MTEF (Medium Term Expenditure Framework) document with a budget benchmark of $78 to the National Assembly, oil prices witnessed a fall which led to a revision of the oil benchmark twice by the federal government, with its eventual figure pegged at $65 per barrel.

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