L
LequteMan
Guest
Nigeria - The National Assembly passed a budget of N4.493 trillion (up from the N4.425 trillion proposed by Mr. President). This represents an increase of N67.43 billion.
The NASS passed a benchmark oil price of $53 per barrel ($1 higher than the budget proposal; generating an extra revenue of N54.25 billion for FGN).
It, however, retained the oil production volume of 2.2782m bpd and exchange rate of N190/$. While other components of non-oil revenue were also retained as proposed.
Revenue
Expenditure
Fiscal deficit decreased from N1,067 trillion to N1,041 trillion (a decrease of about N26.11 billion). Fiscal deficit as a percentage of GDP decreased from 1.11 per cent to 1.09 per cent.
Source: Vanguard Nigeria
#Nigeria #NASS #2015Budget
The NASS passed a benchmark oil price of $53 per barrel ($1 higher than the budget proposal; generating an extra revenue of N54.25 billion for FGN).
It, however, retained the oil production volume of 2.2782m bpd and exchange rate of N190/$. While other components of non-oil revenue were also retained as proposed.
Revenue
- FGN Independent Revenue was raised by N39.294 billion, from N450 billion to N489.294 billion.
- Gross Federally Collectible Revenue increased by N169.845 billion, from N9.61 trillion to N9.78 trillion, as a direct result of raising the benchmark price.
- FGN Budget Revenue: N3.452 trillion, up from N3.358 trillion, an increase of N94bn.
Expenditure
- Debt Service: Debt service remains unchanged at N943.62 billion.
- Statutory Transfers: Statutory transfers was increased by N9.34 billion, from N366.28 billion to N375.62 billion.
- Niger Delta Development Commission budget was increased from N45.78 billion to N46.72 billion (an increase of N940 million), while UBE increased from N67.30 billion to N68.38 billion (an increase of N1.08 billion.
- NASS allocation was raised by N5 billion, from N115 billion to N120 billion.
- Human Rights Commission was raised by N316 million, from N1.2 billion to N1.516 billion.
- Aggregate capital expenditure (inclusive of transfers and SURE-P) was increased to N722.20 billion, from N663.67 billion (an increase of about N58.57 billion). This comprises an increase of N37.77 billion in MDAs’ capital and N20.80 billion for MDGs under capital supplementation.
- The provision of N20.78 billion for SURE-P capital spending was retained.
- IPPIS capital (N5 billion) was completely removed from the Appropriation Bill, while capital development of National Institute for Legislative Studies was increased by N4 billion (from N2 billion to N6 billion), and N1 billion was provisioned for a new project, National Assembly Clinic.
Fiscal deficit decreased from N1,067 trillion to N1,041 trillion (a decrease of about N26.11 billion). Fiscal deficit as a percentage of GDP decreased from 1.11 per cent to 1.09 per cent.
Source: Vanguard Nigeria
#Nigeria #NASS #2015Budget
Last edited:
