2014 BUDGET: NASS GETS N150BN AS RECURRENT EXPENDITURE

A total of N150 billion has been allocated to the National Assembly (NASS) as recurrent expenditure in the 2014 Appropriation bill.
The 2014 budget, which was presented to the parliament by the coordinating Minister for the Economy and Minister of Finance, Dr. (Mrs) Ngozi Okonjo-Iweala, on December 19, 2013, has a total sum of N4.642 trillion.
In the budget proposal, N3.7 trillion, representing 72 percent is for recurrent expenditure while N1.1 trillion representing 27 per cent only is for capital expenditure. N399, 687 billion is for statutory transfer while N712 billion is for debt service.
The N150 billion earmarked for the National Assembly is for the senate and House of Representatives as well as the National Assembly Service Commission (NASC).
Other agencies in the same category with the National Assembly are the National Judicial Council (NJC), 68 billion, Niger Delta Development Commission (NDDC) N49, 030 billion, NDDC (arrears for the fourth quarter of 2012, N12, 910 billion and the Universal Basic Education (UBE) N70, 470 billion.
The rest are the Public Complaints Commission (PCC) N2, 927 billion, the Independent National Electoral Commission (INEC), N45, 000 billion and the National Human Rights Commission, N1.350 billion.
Meanwhile, the House of Representatives has planned to commence work on the proposed budget as soon as it reconvenes from the Christmas and New Year break on January 14, 2014.
Deputy Chairman of the House committee on media and public affairs, Hon. Victor Ogene who disclosed his said that in view of the delay in the presentation of the budget, the National Assembly would work assiduously to ensure that Nigerians have a budget on time to enable the government deliver democratic dividends to the masses.
He also explained that the House decided to adopt $77.5 oil benchmark price after it considered the report of the conference committee of both Senate and the lower chamber on the lower crude oil selling price.
According to him, the benchmark was arrived at by looking at the prevailing price of crude oil in recent times, maintaining that “the $77.5 is the lowest mark crude oil has sold in the last three years.”
He said it was based on this information that, the senate’s conference committee chairman, Sen. Ahmed Makarfi, and the House’s, Adeyinka Ajayi arrived at the current benchmark, “hence the committee decided on a middle ground between Senate’s $76.5 and House’s $79 per barrel.”
Source: Blueprint