Nigeria Senate Has Passed 2015 States’ Budgets

Nigeria Senate has passed ₦4.493trillion budget for the 2015 fiscal year and here are the budgets of each state.

Reuters noted that the budget is 3.2 percent smaller than last year’s.

According to the President the budget consists of Personnel Expenditure of ₦16,133,370.00, Recurrent Expenditure of ₦10,423,031,000.00 Internal Capital Expenditure of ₦1,879,076,000.00 and Capital Projects Development Expenditure of ₦271,089,900,000.00 only.
Mohammed Maccido, Joint Senate Committee on Appropriation and Finance chairman said:
“There was no provision in the budget for subsidy but I believe there should be provision for it especially since there was already, a disagreement between the oil marketers and the federal government over subsidy payment. The budget will be driven by $53 oil benchmark, an exchange rate of ₦190.00 to one dollar; 2.2782million per barrel crude oil production per day; and deficit gross domestic product of -1.12 per cent.”

Premium times says that after months of public outcry over its lavish annual budget, Nigeria’s National Assembly has finally accepted a ₦20 billion cut to its budget, the first time it would do so since 2011.

According to the source, the National Assembly will spend ₦130 billion, and no longer ₦150 billion, according to the 2015 Appropriation Act signed this month by President Goodluck Jonathan.

However, the source notes that only 17 states of the federation and the Federal Capital Territory Administration have budgets that are equal to, or above that of the National Assembly.