Friday, December 21, 2012

Nigeria House of Representatives pass 2013 budget of N4.987trn

The House of Representatives on Thursday passed the 2013 budget of N4.987 trillion as against the N4.924 trillion presented by President Goodluck Jonathan.

This represents a difference of N63 billion.

The budget comprises of N387.9 billion for statutory transfers, and N591.7 billion for debt services.

The budget is also made up of N2.3 trillion as recurrent non-debt expenditure and N1.6 trillion for contribution to the development fund for capital expenditure for the year ending December 31, 2013.

All unutilised capital expenditure in the 2012 budget has been rolled over to form part of the 2013 Appropriation Act.

The Deputy Speaker, Emeka Ihedioha, who presided enjoined all standing committees of the House to carry out their oversight functions in order to ensure full implementation of capital projects.

The spending plans assumed a $79 a barrel benchmark oil price as against the $75 submitted to the National Assembly by the president.

The House will now wait for the passage of the appropriating bill by the Senate, followed by harmonization by both chambers, before the bill is sent to the president for signing into law.

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