18 December 2014 , By Chinenye Ugonna,
Source: Premium Times
The Minister of Finance, Ngozi Okonjo-Iweala, has
presented a N4.3 trillion budget proposal for
2015 to the National Assembly.
The minister presented the proposals separately
to the Senate and the House of Representatives
on Wednesday. The 2015 budget is the lowest in
four years, clearly informed by plunging oil
revenues.
In the 2015 budget, the benchmark price for oil
is $65 with a production figure of 2.27million
barrels a day.
According to Mrs Okonjo-Iweala, the GDP growth
of the country has been re-estimated from 6.35%
to 5.5% for next year, which happens to be the
best growth rates in the world. She said the
2015 budget is focused on economy
diversification.
"The key of the budget is focused on the
diversification of the economy and it's been
working because food prices has not risen,
inspite of the depreciation of the naira," the
minister said.
"If you check all around the market, you will
discover that the average Nigerian is enjoying
stable food prices and in some places like Enugu,
you discover that the price of Harry has fallen.
"Inflation rate as estimated by the Nigerian
bureau of statistics from 8.1% to 7.1%.
"We have made up for the fall of $13per barrel
from $78 to $65 by raising more non-oil revenue
through various types of taxes and policies.
"A surcharge in luxury goods is there plus
additional tax effort to close leakages in
revenues", she said.
The senate adjourned till Tuesday, January 13
, 2015.
The senate president, David Mark, announced
this shortly after Ngozi Okonjo-Iweala exited the
chambers.
"The senate has been adjourned to January 13, 2015 to enable distinguished senators
participate in political activities in their respective
parties and to enable them spend Christmas with
their families," he said. Source:- http://m.allafrica.com/stories/201412180793.html/

Front page material but with no verifiable source