The Nigerian Senate on Wednesday passed the 2014 Appropriation Bill of N4.695 trillion. The approved budget is N53 billion more than the estimate presented by the executive to the National Assembly (NASS).
President Goodluck Jonathan on December 19, 2013, through the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, presented a budget of N4.642 trillion to NASS.
The Senate approved the budget after considering the reports of the Ahmad Maccido-led committee on Appropriation and the Ahmed Makarfi-led committee on Finance.
The budget, tagged, “Budget of Fiscal Consolidation and Inclusive Growth”, was based on a benchmark of 77 Dollars per barrel of crude and oil production of 2.39 million barrels per day.
The budget is also predicated on a GDP growth rate of 6.75 per cent, inflation rate of 9.5 per cent and an exchange rate of N160 to one Dollar.
Leading the debate on the budget, Maccido (Sokoto-PDP) decried the appalling state of budget implementation in the country, saying it was a worrisome recurring decimal for the economy.
“Unspent funds that are rolled over into the economy only make a mockery of development which is a dire necessity across the nation. Government must be seen to be taking steps to improve on this,” he said.