President Goodluck Jonathan yesterday notified the National Assembly that he would address and present the 2014 budget estimates to a joint session of the two houses on November 12, 2013. As is customary, Jonathan is expected to present the 2014 budget after briefing the National Assembly joint session. This was conveyed in a letter dated October 23, 2013, which was delivered to both the Senate and the House of Representatives The letter was read at plenary in both chambers. “I write to crave your kind indulgence to 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,” Jonathan’s letter read in part. Jonathan said that the planning documents were prepared against the backdrop of global economic uncertainty. LEADERSHIP reports that the 2014-2016 MTEF/FSP fixed crude oil benchmark for the yet-to-be-presented 2014 budget at $74 per barrel. For debt service, the 2014-2016 MTEF/FSP submitted by President Jonathan earmarked N663.6 billion and N48 billion was earmarked for domestic and foreign debt service, totaling N712 billion. Under the “Federally Collectible Revenue” category, the federal government is projecting to earn N10,519 trillion for 2014. A breakdown reads: Gross oil revenue (N6,814 trillion), Gross non-oil revenue (N3,288 trillion), non-federation account levies for targeted expenditure (N250.0 billion), education tax (N156 billion) and National Information Technology Development Fund (N9.390 billion). LEADERSHIP recalls that the oil benchmark price of $75 per barrel arrived at for the 2013-2015 fiscal year’s was subject of intense horse trade between the executive and the National Assembly. A $79 per barrel oil benchmark was later agreed for the 2013 budget. The 2014-2016 MTEF/FSP signaled increasing threat to Nigeria’s crude oil revenue from emerging competitors - global and regional - viz-a-viz dwindling demand for Nigeria’s crude oil, chiefly by the US.
Posted on: Wed, 30 Oct 2013 06:56:02 +0000
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