2015 Budget Passes Second Reading

The 2015 budget estimates passed second reading on the floor of the House of Representatives Wednesday despite intense debating focusing on its review as a result of the obvious vagaries of plummeting oil prices globally.

The budget is still predicated on an oil benchmark price of N65 per barrel just as the current price of oil has slipped down drastically from the budget projections.

This prompted many of the lawmakers to ask the federal government to trim capital expenditure and exploit more avenues for revenue generation.

House Leader, Mulikat Adeola-Akande set the ball rolling for the debate after she moved for the second reading of a bill for an Act "to authorize the issue from the Consolidated Revenue Fund (CRF) of the federation the total sum of N4.357 trillion."

By virtue of section 82 the president is allowed to withdraw money from the (CRF) if the budget has not been passed. However, he  cannot exceed the limit provided 4 in the preceding year.

According to her, N411,840 billion is for statutory transfers as against N399.69 provided for last year, N943 billion for debt servicing and N2,616, trillion for recurrent exenditure.

The balance of N387,112 is for contribution to the development fund for capital expenditure which gulped N1,100 trillion last year.

The House Leader explained that "the focus of the budget in 2015 is continuous job creation through infrastructure development, particularly in the areas of power, roads, agriculture, Youth Empowerment in Agriculture Programme (YEAP), housing and construction, creative industry, SURE-P."



Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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