20 February 2014

Nigeria: 2014 Budget - FG Begins Implementation Before Passage

Despite that the 2014 budget is still awaiting passage by the National Assembly, the federal government has commenced the implementation of provisions in the proposal.

The federal ministry of finance, yesterday, said it has released the sum of N200 billion for the execution of various capital projects for the first quarter of this year.

Special adviser to the coordinating minister and minister of finance, Paul Nwabuikwu, in statement made available to LEADERSHIP yesterday, noted that this was the first release of capital expenditure for the year and would be followed by others.

According to him, the release signposts the determination of the federal government to ensure that clear and measurable progress was achieved in the execution of capital projects.

The federal government proposed a budget estimate of N4.6 trillion for the 2014 fiscal year, one billion less than the 2013 figure.

The budget, which was laid before the two chambers of the National Assembly by the minister of finance, Ngozi Okonjo-Iweala, also estimates that N268.4 billion would be spent on the Subsidy Re-Investment and Empowerment Programme (SURE-P).

According to the minister, the budget supports the federal government's drive to diversify the economy and create jobs.

The National Assembly had deferred the presentation of the budget on a number of times which made President Goodluck Jonathan, to direct the finance minister to submit the budget proposal to the National Assembly.

The aggregate expenditure for the budget is put at N4.642 trillion. This excludes the Subsidy Re-Investment and Empowerment Programme, which is put at N268.37 billion.

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