FG revises budget - Subsidy gets N888bn

Daily Trust

16 February 2012

FG revises budget - Subsidy gets N888bn

The Federal Government yesterday announced a reduction of the 2012 budget to N4.648 trillion from the initial estimates put at N4.749 trillion and submitted to the National Assembly in December.

Finance Minister Ngozi Okonjo-Iweala, who announced this at a news conference in Abuja, said the reduction of a total N100 billion was made from cancelling non-essential furniture, travelling and training allowances.

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Under the new budget, which President Jonathan is expected to forward to the National Assembly at a date not specified yet, government expects revenue of N3.460 trillion as against the earlier N3.644 trillion.

Okonjo-Iweala said several steps taken to reduce the budget include increasing the internally generated revenue by N53.3 billion from N393.46 billion to N446.78 billion, and the recovery of about N74 billion by the Pension Task Force.

Transfers to certain agencies were reduced by N25.34 billion and this affects the NDDC and UBEC of N11.14 billion; allocation to NJC was reduced by N10 billion from N85 billion to N75 billion.