December 18, 2014 – The Federal Government (FG) yesterday presented a budget of N4.3 trillion to the National Assembly.
The budget was presented separately to the Senate and the House of Representatives by Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala.
A breakdown of the figure shows that N633 billion has been earmarked for capital expenditure while N261 billion was set aside for recurrent expenditure with a benchmark of $65 for international price of oil about $4 less than the current price of oil set by Organisation of Petroleum Exporting Countries(OPEC).
She announced that Nigeria currently produces 2.27 million barrels per day.
In presenting the budget, the minister said all loopholes and leakages have been blocked and that government has broadened the tax base to shore up income for the FG.
