Senate passes N4.695tr 2014 budget

The Senate on Wednesday passed the 2014 budget totalling N4.695tr, an amount which is N52.2bn higher than the N4.642trl which was submitted by President Goodluck Jonathan to the National Assembly on December 19, 2013, through the Co-ordinating Minister of the Economy and Minister of Finance, Mrs. Ngozi Okonjo-Iweala.

The upper chamber at its plenary presided over by the Senate President, David Mark, approved the budget following the clause by clause consideration of the document at the committee of supply which lasted about one and half hours.

Highlights of the 2014 budget as approved by the senate are, Statutory Transfers (N408,687,801,891), Debts Service (N712,000,000,000), Recurrent Expenditure (N2,454,887,566,702), Capital Expenditure (N1,119,614,631,407) while the Aggregate Expenditure is N4,695,190,000,000.

Source  Punch