12 February 2013

Nigeria: President Can't Sign Budget Into Law This Week - Okonjo-Iweala

Photo: Vanguard
Budget 2013

Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister for the Economy, has said it is not realistic for the president to sign the N4.98 trillion Federal budget within the week.

A statement by Mr Paul Nwabuikwu, the minister's spokesman, in Abuja on Tuesday, said much work still needed to be done on the budget.

"Whereas discussions between the Executive and the National Assembly are ongoing in a cordial atmosphere, it is not yet clear when they will be concluded as much work remains to be done," it said.

The News Agency of Nigeria (NAN) recalls that the National assembly passed the budget on Dec. 20, 2012 for the assent of President Goodluck Jonathan.

The President presented the budget to the National Assembly in October 2012 as part of efforts to ensure early fiscal implementation in 2013.

Often cited as being responsible for the delay in the president giving assent to the bill are the N62 billion increase made by the National Assembly and the 79 dollars per barrel oil benchmark price for the budget instead of the 75 dollars proposed by the Executive. .

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