B-R-E-A-K-I-N-G News!!!

NATIONAL BUDGET 2014 YEARS .
National Assembly To Spend N150 Billion...[360 House members & 109 Senators].

According to Hope For Nigeria, the above figure is Compared with Budgets of some States.
EKITI ------------- N103 billion
YOBE -------------N102 billion
ENUGU------------N93 billion
ONDO ------------N151 billion
IMO---------------N137 billion
ABIA -------------N149 billion
ANAMBRA -------N140 billion
EBONYI ----------N99 billion
EDO --------------N159 billion..[less N9billion]
OYO --------------N188 billion..[less N38billion]
NIGER------------N98 billion
NASARAWA -----N114 billion
BAUCHI ----------N133 billion
KOGI -------------N129 billion
BENUE------------N105 billion
SOKOTO----------N125 billion
KWARA-----------N124 billion
KEBI---------------N131 billion.
TARABA-----------N79 billion
ADAMAWA--------N97 billion.

The Nigerian National Assembly housing 469 people will spend N150billion, which is approximately budget of two state.

For what!

Happy new year

Igbanibo: For what!

You know na. You are in Nigeria.

Source??

and tomorrow we go blame jonathan, hw will they fight corruption when they too are awesomely CORRUPT?

Chaleeee: Source??

The Federal Government 2014 budget formally presented to both houses of the National Assembly yesterday, has proposed a Fiscal Deficit of N911.96 billion with a 1:90 ratio to the nation’s Gross Domestic Product (GDP).

The deficit is to be financed partly by a new Borrowing Requirement of N571 billion, which is a decrease from N577 billion in 2013.

For fiscal 2014, N4.642 trillion is being proposed by the executive, as contained in the budget laid yesterday by Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Minister of Finance on behalf of President Gooluck Jonathan.

But the total expenditure for the year would come to N4.910 trillion, when expenditure on Subsidy Re-Investment Programme is added.
Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala

The 2014 budget which had been delayed due to failure of the two sections of the National Assembly to agree on a workable oil benchmark, focuses on creating more jobs, additional infrastructure and driving inclusive growth as well as reducing the cost of governance, information from the finance ministry indicates.

Its baseline assumptions include a benchmark Oil Price of $77.5 per barrel, an estimated Oil Production of 2.3883 million barrels per day, Average Exchange Rate of N160 per dollar as in 2013 and a Real GDP Growth Rate of 6.75 percent.

A breakdown of the proposed budget further indicates that for Expenditure Projections an Aggregate Expenditure (Inclusive of SURE-P) of N4.910 trillion has been projected. N268.37 billion has been provided for SURE-P, while Statutory Transfers are expected to gulp N399.7 billion.

Expenditure for the Independent National Electoral Commission (INEC) has been increased from the N32 billion provisioned in 2013 to N45 billion to enable it intensify preparations towards the 2014 elections.

But the National Assembly’s allocation is to be maintained at the 2013 level of N150 billion.

The provision for debt service is raised by N110.2 billion to N712 billion from the 2013 level of N591.8 billion.

Recurrent (non-debt) Spending at N2.43 trillion is down from N2.80 trillion in 2013 while Personnel cost increased slightly from the 2013 amendment Budget provision of N1.718 trillion to N1.723 trillion for 2014.

Capital Expenditure, however is put at N1.100 trillion and it’s share in total expenditure has gone down in the proposal to 27.29 percent, down from 31.9 percent in 2013, reflecting the increased allocation to pension as well as high wage bill.

However, the share of recurrent in total spending has been projected by the executive to stay as high as 72.71 percent.

In terms of Revenue Projections, Gross Federally Collectible Revenue has been put at N10.88 trillion for 2014 while Gross Federally Collectible Oil and Gas Revenue is estimated to stay around N7.16 trillion.

Gross Federally Collectible Non-Oil Revenue in the budget is put at N3.29 trillion while N3.73 trillion has been estimated as FGN Budget Revenue.

Total deductions, including cost of crude oil production, subsidy payments, and domestic gas development is N2.15 trillion, same as in 2013.

Subsidy payments were also maintained at the 2013 level of N971.1 billion, the finance ministry said in a breakdown.
Source