Jonathan presents N4.75trn budget to NASS...

no provision for subsidy

Written by Adebayo Ademola Tuesday, 13 December 2011 13:19

President Goodluck Jonathan, this afternoon, presented the proposed 2012 budget to the joint session of the National Assembly. The proposed 2012 budget stands at N4.749 Trillion naira, representing about 6 percent increase over the N4.48 Trillion in 2011. The petroleum subsidy allocation was not included in the budget further confirming that subsidies on petrol will likely be abolished by this month, sending prices of petrol to figures in the region of between N140-N150 per litre from the current N65 per litre. The House will now deliberate on the proposal and return the proposal to the President after their deliberations. While delivering his speech before the presentation, Jonathan said that "the 2011 elections, the inauguration of the new administration as well as constitutional amendment processes, all affected the full implementation of the 2011 budget" He also said "the 2012 budget will be a stepping stone to Nigeria's transformation". Speaking earlier on the determination of the National Assembly to ensure the full implementation of the 2012 budget through their oversight functions, Senate President David Mark remarked that Nigeria has "what it takes to be a world power, but we have never really tasked ourselves in this regard." The 2012 Fiscal year budget breakdown: Capital Expenditure: N1.32 Trillion Recurrent (non debt) Expenditure: N2.472 Trillion Statutory Transfer: N398 Billion Debt servicing: N560 Billion Other sectors Security: N921.91 Billion Power: N161.42 Billion Works: N180.8 Billion Education: N400.15 Billion Health: N282.77 Billion Agriculture: N78.98 Billion Water Resources: N39 Billion Petroleum Resources: N59.66 Billion

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Jonathan presents N4.75trn budget to NASS...no provision for subsidy

Written by Adebayo Ademola Tuesday, 13 December 2011 13:19

Aviation: N49.23 Billion Transportation: N54.8 Billion Land and Housing: N24.9 Billion Niger Delta: N59.7 Billion Science and Tech: N30.84 Billion FCT : N45.59 Billion Communication and ICT: N18.31 Billion "The 2011 elections, the inauguration of the new administration as well as constitutional amendment processes, all affected the full implementation of the 2011 budget...the 2012 budget will be a stepping stone to Nigeria's transformation". President Jonathan

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