The Senate, yesterday, approved the N4.43 trillion amended budget for the 2010 fiscal year, as proposed by President Goodluck Jonathan.
The approved budget is based on the second amendment request, which was submitted to the National Assembly by the president a fortnight ago. The budget includes a revision in the budget of some ministries, departments, and agencies of government such as the state house, Nigerian Army, intelligence agencies, Air Force, and the Federal Capital Territory. The budget allocates the sum of N542 billion for debt service. N2.137 trillion is for recurrent expenditure - non debt - and the balance of N1.563 trillion is for contribution to the Development Fund for capital expenditure of the government of the federation for the year ending 31 December 2010.
Under the capital expenditure, N300 billion is earmarked for the ministry of works, housing and urban development; N146 billion is for ministry of power; N83.2 billion is for Ministry of Niger Delta Affairs; N112.45 billion is for ministry of water resources; N96.29 billion is for Federal Capital Territory Administration while 76.2 billion is for Ministry of Transport. The sum of N74.9 billion was allocated to the Education ministry; N73.779 billion for Police Affairs; N53 billion for Science and Technology; N47. 384 billion for Defence and the military; N38.861 billion for Aviation; N37.063 billion is for National Security Adviser, and N21.424 billion for the environment ministry while N21.169 billion was set aside for Foreign and Intergovernmental Affairs.
The National Assembly had, on 7 July, received a letter from Mr Jonathan asking for a revision of the revenue framework and a subsequent “slight amendment to the 2010 amendment budget proposal.” The revised revenue framework is based on assumption of oil production of 2.2 million barrels per day as opposed to the 2.350 million barrels per day which was the approved assumption in the 2010 budget, and 2.250 million barrels per day contained in the first amendment request. The amended budget is also on an assumption of $60 per barrel.
Senate error
The senate committee admitted to have committed a mathematical error of N285 billion in the initial 2010 budget analysis. “Further careful analysis of the aggregate figures in the bill (it was) indicated that the 2010 Appropriation act is put at N4.608 trillion while the authentic figure in the detail is computed at N4.893 trillion,” Iyiola Omisore, chairman senate committee on appropriation said. “After necessary allowances have been made for calculation and sundry errors, the budgeted figure was reduced from N4.893 trillion to N4.427 trillion. In effect, we are able to achieve about N466.6 billion reductions in the overall aggregate figures of the 2010 budget.”
In the same vein, the senate also passed the N644 billion Supplementary Appropriation Act for various ministries, departments and agencies (MDAs) for the 2010 fiscal year, including provisions for expenses for the Nigeria at 50 anniversary. From the sum, N505 billion is for additional recurrent (non-debt) expenditure, while N139 billion is for contribution to the development fund for additional capital expenditure for the year ending on the 31 December 2010.
Source:© Copyright 234Next Online
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