The Senate on Wednesday passed the 4.69 trillion naira 2014 budget into law. The final figures indicate an increase of N53billion of the N4,642,960,000,000.00 2014 budget estimates originally presented to the National Assembly by Presidency on December 19, 2013.
The sum of N408,687,801,891.00 was approved for statutory transfers against the N399,687,801,891.00 proposed by the executive while
N712billion was approved for debt service as.
The upper house also approved the sum of N2,454,887,566,702.00 for recurrent non-debt expenditure while the sum of N1,119,614,631,407.00 was approved for capital expenditure
Others include: Benchmark oil price – $77.5 per barrel; Crude oil production – 2.3883million barrels per day; Gross Domestic Product (GDP) growth rate – 6.75 per cent; Inflation rate – 9.5 per cent and Exchange Rate – N160.00 to $1.00.
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