Senate Passes N4.69Trillion 2014 Budget

The Senate has passed the 2014 budget of N4,695,190,000,000.00 for the

fiscal year.
The amount represents an increase of N53billion of the

N4,642,960,000,000.00 2014 budget estimates presented to the National

Assembly by President Goodluck Jonathan through the Minister of Finance

and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala on

December 19, 2013.
Of the amount, N408,687,801,891.00 was approved for statutory transfers

against the N399,687,801,891.00 proposed by the executive.

The sum of N712billion was approved for debt service as proposed.

The Senate also approved the sum of N2,454,887,566,702.00 for recurrent

non-debt expenditure while the sum of N1,119,614,631,407.00 was approved

for capital expenditure for the 2014 fiscal year.
The executive had proposed a recurrent expenditure of

N2,430,665,361,597.00 and capital expenditure of N1,100,606,836,514.00.

Major highlights of the approved budget are: Benchmark oil price – $77.5

per barrel; Crude oil production – 2.3883million barrels per day; Gross

Domestic Product (GDP) growth rate – 6.75 per cent; Inflation rate – 9.5

per cent and Exchange Rate – N160.00 to $1.00.