- Subsidy gets zero allocation.
The Nigerian Senate today finally passed a budget of N4.4trillion for the 2015 fiscal year after several months of consideration with no allocation for fuel subsidy in consonance with the version passed by the House of Representatives a few days ago.
The budget was passed with $53 as oil benchmark at 2.2782 million barrels per day (Mbpd) with an exchange rate of N190 per US dollar and 1.2 percent as deficit/ Gross Domestic product (GDP).
A breakdown of the budget indicates that the sum of N375,616,000,000 is for statutory transfer; N2, 607,132,491,708 is for recurrent expenditure; N953,620,000,000 is for local debt service out for domestic debt service while foreign debt retains N59.010.
This is as capital expenditure receives the sum of N556,995,465,449 with an aggregate expenditure of N4,493,363,957,158 with N21,030,000,000 approved for subsidy Re-investment and Empowerment Programme (SURE-P).
Moreover, fiscal deficit got an approved of N1, 075.3 trillion.
Sectoral breakdown shows that education with an approval of N392, 242,784,654 received the highest budgetary allocation followed by Defense with N338, 797,219,431 comprising Army, Air force and Navy and while the police got an allocation of N303, 822,224,611
Senate approved the sum of N13,965,664,092 for the Eight Federal Executive body out of which N5,293,800,054 shall be spent on National Population Commission; N493,656,088 for Code of Conduct Tribunal, N1,935,767,344 for Code of Conduct Bureau; N2,207,213,456 for Revenue Mobilization Allocation & Fiscal Commission and Federal Civil Service Commission N1,125,005,114 while Police Service Commission (PSC) got N740,477,185 as Federal Character Commission received N2,167,931,068.
The Health Sector got an allocation of N237,075,742,847; Youth Development, N69,423,427,479, Interior, N153,330,022,460;
National Security Adviser, N62,226,771,999; SGF, N48,389,942,264; Agriculture & Rural Development, N31,869,020,717; Petroleum Resource, N58,274,429,975; Communication Technology, N10,592,048,381; Trade and Investment, N10,941,859,480.
The approved budgetary figure however is higher than the Original budget by N134.5 billion.