Thursday, February 23, 2012

Presidency reviews 2012 budget, sets oil benchmark at $90

22 February 2012

 .PRESIDENT Goodluck Jonathan yesterday forwarded a revised budget for 2012 to the National Assembly in which he sought approval to set aside N180 billion for the fuel subsidy regime.

In the letter read on the floor of both Senate and the House of Representatives, the President wrote: “Recent domestic developments, key among which was the partial withdrawal of subsidy on petroleum products and the ripple effect on government revenue and expenditure items, have necessitated the revision of the 2012-2014 Medium Term Expenditure Framework and the 2012 budget proposal which  I presented to the National Assembly on 13th December, 2011.”

President Jonathan gave the figure of the revised budget as N4,648,849,156,932 trillion out of which the sum of N372,593,095,601 billion is for statutory transfers and debt service, N559,580,000,000 billion.

The President also said that out of the estimated budget, N2,432,432,108,877 trillion is for recurrent expenditure (non-debt) while the balance of N1,284,243,952,454 trillion is for capital development for the year ending 31st December, 2012.

The revised budget was committed to the Committee on Appropriation.

It would be recalled that the President presented a budget of N4.749 trillion for year 2012 to the National Assembly last December.

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