Nigerian Senate Passes N4.6 trillion 2014 Budget

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The Nigerian Senate on Wednesday approved the budget of N4.6 trillion as the government budget in 2014.
The budget proposal figure was increased by the legislators by relatively minimal 53 billion naira.
The sum of N4.642 trillion had been the budget estimate presented to the National Assembly by the Co-ordinating minister of the Economy, Ngozi Okonjo-Iweala in December 2013 on behalf of President Jonathan.
Out of that sum, 3.54 trillion was slated for the recurrent expenditure while the remaining N1.1 trillion-the equivalent of 23.7 percent, was billed for capital projects.
The budget which is the lowest in three years, passed the second reading on February 4, 2014.
A third reading passage is expected by the House of Representatives before a harmonization of the bill, ahead of the president’s assent.

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