Senate: 2010 Budget Review Debate Put On Hold
ABUJA, June 29, (THEWILL) - The　proposal to review the 2010 budget sent to the senate by the executive　was today put on hold　as the Senate suspended debate on its general principles at　plenary.
The Senators also　put a break　on the supplementary budget debate　due to　certain issues　and concerns’ on the bill which could not be　addressed before the plenary.
Senator Victor Ndoma-Egba (PDP, Cross River), Deputy Senate Leader　who announced the suspension of debate on the bill　said the two bills had　some issues, which are yet to be addressed.
He did　not disclose what the issues were but　sources at the upper chamber　revealed that the Senators were not　happy with the deductions from the affected sectors.
The Executive　had earlier　in the　month　asked the National Assembly to　effect a downward review of the 2010 budget　owing to　dwindling government revenue.
There are　indications that consideration of the bills may however continue on Wednesday.
The　review will　cut federal expenditure and reduce the oil price benchmark by at　least $10. President Jonathan is asking　the lawmakers to reduce　the oil benchmark price, initially　set by the lawmakers to $67, back to its earlier $57 per barrel.
In a letter to both　upper and　the lower chambers　in May this year, President Jonathan affirmed his earlier position, that the N4.6086 billion budget, which he signed into law in April 2010, was no longer　realistic in the face of global economic　realities.
"Recent revenue developments indicate significant shortfalls in both oil and non-oil revenue, which may well continue for the rest of the fiscal year, with adverse implications for the financing of the budget,"　Jonathan said.
"Given the recent drop in international oil prices from the over $80 per barrel to under $70 per barrel, it is prudent to revise the oil benchmark price to a more realistic level."
In his letter, President Jonathan　avoided　pinpointing his preferred figures for either the oil price or the total reduction, but he is said to have called for a total budget reduction by 40 percent.
On the supplementary budget, the President also requested for fresh appropriation for "critical expenditure heads that were either inadvertently omitted or under provisioned for."
Following　the 2010 budget　slash proposal for an additional supplementary budget to authorize the executive access to N639.8 billion from the Consolidate Revenue Fund was put forward.
The bulk of the supplementary budget, about N507 billion is for recurrent expenditure while the balance N132.6 billion is for contribution to the Development Fund for additional capital expenditure.
A large chunk of the N507 billion set aside for the recurrent expenditure will be shared amongst the office of the Secretary　to the Government　of the Federation, Foreign Affairs ministry, Information and Communication ministry and the Ministry of Women Affairs to be used for Nigeria at 50.