President Goodluck Jonathan may formally present the 2015 budget proposal before the House of Representatives.
The budget, which is to be presented on behalf of the President by the minister of Finance, Dr. Ngozi Okonjo-Iweala, will containing
amendments of some parameters of the Medium Term Expenditure Framework in line with present realities.
Okonjo-Iweala had held a closed- door meeting with Speaker Aminu Tambuwal and principal officers of the House where she explained that there was need for the budget be in tadem with the bew price of oil at $65 per barrel as against $77.50 per barrel in 2014.
Oil production for 2015 was pegged at 2.278 million barrel per day against 2.388 barrel per day in 2014, while the exchange rate was pegged at N165 to a dollar against N160 to a dollar in 2014.
The new budget document showed that the sum of N150 billion is for National Assembly, N73 billion will be for National Judicial Council (NJC) and N72.18 billion for Universal Basic Education (UBE).
Also, N62 billion has been earmarked for Independent National Electoral Commission (INEC), N50.96 billion for transfer to NDDC, N2.50 billion for Public Complaint Commission, while N1.50 billion is for Human Rights Commission.
For debt servicing, Federal Government proposed the sum of N894.61 billion for domestic debt, while N48.39 billion is for foreign debt. The sum of N91.03 billion was proposed for payment of subsidy on kerosene.
The sum of N591.02 billion is expected from 13 percent derivation as Federal Government share of the oil revenue.
For the recurrent expenditure (non-debt), Federal Government proposed N1.801 trillion for personnel costs, N216.56 billion for overheads, N228.81 billion for CRF pensions, while N376.05 billion is for other Service Wide Votes.
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