The Nation Newspaper

Tag: 2014 budget

  • FG budgets N4.6tr for 2014

    FG budgets N4.6tr for 2014

    The Federal Government on Thursday presented N4.6trillon budget estimates to the National Assembly for consideration and approval for the 2014 fiscal year.

    The budget was presented on the floor of the Senate by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

    Okonjo-Iweala told reporters after laying the budget that the expected revenue for the period is N3.73trillion while N1.1trillion is for capital expenditure.

    She added that the N1.1trillion for capital expenditure represents 27 per cent of the budget while the recurrent expenditure of N3.5 trillion represents 72 per cent of the budget.

    According to her, the N4.6 trillion is exclusive of the Subsidy Reinvestment and Empowerment Programme (SURE-P) funds.

    Okonjo-Iweala said: “Aggregate expenditure excluding SURE – P funds is about N4.6 trillion and the revenue is about N3.73 trillion.

    “The capital expenditure is about N1.1trillion and makes up about 27 per cent of the budget, the balance of course is the recurrent and it is about 72 per cent of the budget.

    “The distinguishing feature between the 2013 budget and the 2014 budget is the focus we have on really continuing the successes that we had had in 2013 in creating jobs for young Nigerians and we are going to push it.”

    The minister said the budget is for job creation and inclusive growth.

    “This budget is the budget for job creation and inclusive growth, meaning that, it is a budget which will continue the President’s Transformation Agenda for several sectors of the economy.

    “The budget is going to support the push in agriculture. It will kick start the housing sector where we can create more jobs.

    “It is designed to our policies that would support manufacturing because jobs would be created there.

    “Industries will also be created in solid minerals. All these support will continued to be unleashed.

    “Job creation is the key to really solving the problems of the Nigerian economy.

    “All the programmes that create jobs are very well supported. The SURE-P is also part of it, community service programmes would be pushed and the YOUWIN programme would be pushed.

    “The Infrastructure development is part of it, the Hon. Minister of transport is here, we have been working on rail development.

    “Ministry of Niger Delta is also part of the infrastructure development, Water resources, FCT development and so on.

    “We have privatised power but we will be working on the transmission to direct resources there.

    “The distinguishing thing is that it is a continuation of what we have done before but with more emphasis on really pushing out jobs and also supporting safety nets that can further redistribute income to poor people in the country,” she stated.

     

     

  • Okonjo-Iweala to present 2014 budget Thursday

    Okonjo-Iweala to present 2014 budget Thursday

    The Minister of Finance, Dr. Ngozi Okonjo-Iweala will on Thursday present the 2014 Budget to the joint session of the National Assembly.

    She will perform the task on behalf of President Goodluck Jonathan who is unavailable for undisclosed reasons.

    The presentation of the 2014 budget had been postponed twice due to disagreement between the Senate and the House of Representatives over crude oil benchmark.

    Both chambers had posted different figures on the oil benchmark.

     

     

  • Reps deny bribery allegation over 2014 Budget

    Reps deny bribery allegation over 2014 Budget

    The House of Representatives yesterday debunked allegations that each member received $100,000 each to peg the benchmark of the 2014 budget at $76.5 per barrel of crude oil.

    The benchmark has been a source of contention between the Presidency and the Lower House with the latter insisting on $79 per barrel as against the Senate’s adoption of $76.5 per barrel.

    No sooner had the House commenced plenary yesterday than it went into a two-hour executive session to discuss the parameters to adopt on the 2014-2016 Medium Term Expenditure Framework (MTEF) sent to the National Assembly by President Goodluck Jonathan, particularly the benchmark.

    The Nation learnt that while some members were of the opinion that the $79 per barrel which the House insisted on should be maintained, others were said to have canvassed a more moderate benchmark, arguing that the position of the Senate should be adopted.

    Speaking with reporters after the closed door-session, Deputy Chairman of the House Committee on Media and Public Affairs, Hon. Victor Ogene, said members did not fight over the issue at the closed door session as alleged by some people.

    “Seriously speaking, you all saw us when we came out, smiling. The issues I told you clearly were between those who insisted that the benchmark remains at $79 and those, who feel that it was okay at $76.5,” he said.

    He said neither did they receive any bribe from the Presidency over the benchmark.

    The allegation made the rounds that the lawmakers were bribed sequel to a meeting with President Jonathan on the issue.

  • TUC urges speedy presentation of 2014 budget

    THE Trade Union Congress of Nigeria (TUC) has urged the Presidency to hasten the presentation of 2014 Budget proposal to the National Assembly for consideration.

    Its President, Comrade Bobboi  Bala Kaigama said the Presidency should spare Nigerians the excuse that it is waiting for the two chambers of the legislature to harmonise oil price benchmark before the budget wsa presented.

    He emphasised that good budgeting and its early presentation is serious business that makes for better fiscal and socio-economic planning and should not be subject to delay on the basis of frivolities.

    “Nigerians want early presentation of the budget,” he added.

    Kaigama described the forced holiday given to the National Assembly workers recently in preparation for the planned presentation of the 2014 budget by President Goodluck Jonathan, to a joint session of the National Assembly as executive impunity as it is counter-productive  and unnecessary.

    He urged the government to present the budget, take proactive steps to stimulate massive job creation, more business-friendly environment, healthier political climate and all-inclusive democratic culture in the country, and also step up his act in the war against corruption, the Boko Haram insurgency and other threats to national security.

    He said:  ”It is unfortunate that the President is yet to present the 2014 National Budget less than 40 days to the end of the year, whereas most governors have presented those of their states.

    “We are, particularly, disturbed by the fact that no official reason was given for the stay-at-home order, even though media reports suggest that the order was meant to ensure a hitch-free presentation. We read that the order may not be unconnected with fears of the Presidency over alleged threats by some workers to use the occasion as an opportunity to create a scene over welfare issues.”

    He said each chamber is entitled to its position, and their benchmarks have never been and must never be a determinant of the timing for presentation of the national budget.

  • NFF wants ‘more money’ in 2014

    NFF wants ‘more money’ in 2014

    The Nigeria Football Federation will need more money to prosecute some of its key engagements in the coming year, a top member of the body told MTNFootball.com.

    NFF therefore appealed to President Goodluck Jonathan to review upwards its 2014 appropriation.

    The federation got 1.2 billion naira this year with a better part of the money expended on the Africa Cup of Nations, which Nigeria won in South Africa.

    The General Secretary of the NFF, Musa Amadu, said the federation will need over three times the appropriation of 2013 for the forthcoming year.

    “You can see what we were able to accomplish with the tight budget we got for 2013,” Amadu told MTNFootball.com

    “And for 2014 where we would be at CHAN, the U-17 women’s World Cup, the Africa Women’s Championship, play qualifiers for the U-20 World Cup and the big one itself, the senior World Cup, you would agree with me that we would need a much improved budget.

    “We would therefore humbly appeal to Mr. President to review our allocation considering the competitions we would be entering, while on our part we will continue to look for new sources of fund to compliment government’s effort.”

     

  • Why 2014 Budget presentation is delayed – Presidency

    The Presidency on Tuesday gave the reasons why presentation of the 2014 Budget proposals to the National Assembly is being delayed.

    The presentation that was first scheduled for November 12 has been cancelled twice.

     

    Speaking with State House correspondents, the Special Adviser to the President on Media and Publicity, Dr. Reuben Abati ,said the delay was to ensure strong intergovernmental harmony between the Executive and National Assembly.

    The delay, he said, will also prevent unnecessary acrimony that usually trail budget passage in the country.

    He said: “Previous acrimonies were blamed on failure of inter- governmental relationship.

    “The budget has been ready for over a week now, but since the two arms of the National Assembly are yet to harmonize their positions on the Crude oil bench mark in the Medium Term Expenditure Framework and the fiscal strategy paper, it was wise for Mr. President to wait until this is done.”

    He said the Presidency will cause the budget to be laid before the National Assembly as soon as the harmonization is concluded.

    The Senate had earlier rejected the president’s oil benchmark of $74 per barrel and instead, raised it up to $76.50 per barrel, while the House of Representatives on the other hand also rejected the $74 per barrel and raised it to $79, while approving daily oil production of 2.388mbpd, 2.5007mbpd and 2.5497mbpd for 2014, 2015 and 2016 respectively as proposed by the president.

    The Ahmed Makarfi’s led Senate Joint Committee on Finance and Appropriations, had in its reports on the Medium Term Expenditure Framework and Fiscal Strategy Paper, made recommendation that they should be so reflected in the 2014 budget before it can be presented to the National Assembly for consideration and passage.

     

     

  • Jonathan postpones budget presentation indefinitely

    Intrigues and differences over the 2014 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) on Tuesday forced President Goodluck Jonathan to postpone the presentation of the 2014 budget indefinitely.

    Apart from disagreement over the MTEF, sources also said that alleged plan by some Senators and House of Representatives members under the platform of the new Peoples Democratic Party (nPDP) to embarrass President Jonathan during the budget presentation may have contributed to the decision to shelve the budget presentation.

    Informed sources said that “undercover security agents discovered that some members of the nPDP in the National Assembly and some outsiders met late Monday night and resolved to “boo and jeer Mr. President during the budget presentation.”

    But President Jonathan said that 2014 budget presentation was aborted due to differences between the Senate and the House of Representatives on the appropriate oil benchmark.

    Jonathan in a letter dated November 18th, 2013 entitled “Re: 2014 budget” informed the lawmakers that it would be infeasible for him to present the budget in absence of a harmonized position on the Medium Term Expenditure Framework.

    Tuesday’s sudden postponement of the budget presentation was the second time the 2014 budget presentation was put on hold.

    The budget was to have been presented to the joint session of the National Assembly on November 12.

    The annual fiscal exercise was rescheduled for Tuesday.

    The Presidential letter read by the Senate President, David Mark said, “Please recall that I had written requesting the Distinguished Senate to grant me the slot of 12 noon on Tuesday, 19th November 2013 to enable me address a joint session of the National Assembly on the 2014 budget.

    “However, considering the fact that, ‘whereas the Distinguished Senate has approved the MTEF based on a benchmark of $76.5 per barrel, the Honourable House of Representatives has used a benchmark of $79 per barrel, it is infeasible for me to present the budget in absence of a harmonized position on the MTEF.

    “In the circumstance, it has become necessary to defer the presentation of the 2014 budget to a joint session of the National Assembly until such a time when both respected chambers would have harmonized their positions on the MTEF.

    “It is my hope that this will be in the shortest possible time.”

     

  • Jonathan misses 2014 Budget presentation

    Jonathan misses 2014 Budget presentation

    President Goodluck Jonathan made history on Tuesday as the only President that has missed two consecutive budget presentation appointments with the National Assembly.

    It became glaring at 9:50am when the Sergeants-at-arm began the removal of the the labeling and demarcations meant for the joint sitting in the Green Chamber that the President would not honour the National Assembly with his presence as far as the 2014 budget is concerned.

    Senators and House of Representatives members that spoke with The Nation expressed deep disappointment at the action of the President.

    This is the second time the 2014 budget presentation would be shelved. The presentation which ought to have been made on November 12 was cancelled based on differences over the 2014-2016 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), especially on the oil benchmark.

    While the Presidency fixed $74 for the benchmark, the Senate passed $76.5 while the House fixed $79 in the MTEF.

    There had been insinuations that because of the disparity between the benchmark adopted by the Senate for the 2014 budget and the one adopted by the House the President will not be able to present the budget on Tuesday.

    The All Progressives Congress (APC) lawmakers immediately went into a closed door meeting which The Nation gathered was meant to discuss the aborted presentation and come up with a position on the implication of the president’s action.

    However, The Nation learnt that the APC was not well disposed to the “drop-on-the-table” budget presentation style currently adopted by President Jonathan and may move against the presentation of the budget by any delegated authority safe the President.

     

     

  • Jonathan presents 2014 budget November 19

    Jonathan presents 2014 budget November 19

    Sequel to the postponement of the scheduled presentation of the 2014 budget before a joint sitting of the two chambers of the National Assembly on Tuesday, President Goodluck Jonathan will now present the budget before the lawmakers on November 19.

    A letter to this effect with the short title: “Re: 2014 Budget,” from the President and addressed to the Speaker of the House of Representatives, Hon. Aminu Waziri Tambuwal reads in part:

    “Sequel to” my letter of 23rd October 2013 requesting that the Honourable House grant me the slot of 12:00 noon on Tuesday, 12th November 2013 to enable me formally address a Joint Session of the National Assembly on the 2014 Budget, emergent circumstances have necessitated my having to request for a new date of Tuesday, 19th November 2013 at the same time.

    “It is my hope that the Honourable Members will in your usual tradition, favourably consider my request.”

    The president has also sent a report to the National Assembly justifying the reason he asked for an extension of the emergency rule in Adamawa, Borno and Yobe States.

    In a letter dated November 5, 2013 and addressed to the Speaker with the title: ” Re: Extension of the period for the Proclamation of a state of Emergency,” Jonathan said he has attached a report by the Chief of Army Staff on the current situation in the affected areas.

     

  • Fashola presents N489.69bn 2014 Budget

    Fashola presents N489.69bn 2014 Budget

    Lagos State Governor, Mr. Babatunde Fashola, (SAN) on Wednesday presented the sum of N489.69 billion 2014 budget to the state House of Assembly for approval.

    Fashola, who presented the budget before a large audience of various stakeholders, party chieftains and captains of industry amongst others, said the proposed budget shows a slight drop of about N10billion from the N499.604 2013 budget.

    He said the budget has N234.665 billion as recurrent expenditure and N255.025 billion capital expenditure, which is in the capital to recurrent ratio of 52:48 as against 58:42 in the 2013 budget.

    He said the budget has a Total Personnel Cost/Total Revenue of 19 per cent; Total Personnel Cost/IGR, 27 per cent and Personnel Cost as percentage of Recurrent Expenditure of 37 per cent, adding that a zero deficit financing requirement is proposed for 2014 budget.

    Other breakdown in the budget are – General Public Service (N100.215 billion); Public Order and Safety (N17, 977 billion); Economic Affairs (N160.046 billion) and Environmental Protection (N39.727 billion).

    Others are the sum of N50.537 billion budgeted for Housing and Community Amenities; N37.8 billion for Health; N3.482 billion for Recreation, Culture and Religion; N77.423 billion for Education and N2.466 billion for Social Protection.

    “Because this is the last full year budget that my administration will implement, it represents a slight reduction in budget size when compared with the 2013 budget. Its focus will be to complete on-going projects, and consolidate on the gains we have made,” Fashola said.