Wednesday, April 9, 2014

Senate Passes N4.69trn 2014 Budget

The Senate today, Wednesday, 9th of April, 2014 passed N4.69 trillion as budget for the 2014 fiscal year, nearly four months after it was presented by Ngozi Okonjo-Iweala, on behalf of the President. The executive had proposed N4.642 trillion, but the amount was jerked up with an additional N53 billion, by the upper chamber.

27% of the budget sum, which is N1.1 trillion is for capital expenditure, while the remaining 73% goes to running the government – N2.454 trillion for recurrent expenditure, N408.6 billion for statutory transfers, and another N712 billion is for debt service.

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