Senate passes 2015 budget excluding provision for subsidy

The Senate on Tuesday passed N4.493tn budget for the 2015 fiscal year, about five months after it was presented by the Minister of Finance/ Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala.

The national budget, which was earlier passed by the House of Representatives last week, was N51bn higher than the N4.425tn submitted to both chambers of the National Assembly by the Federal Government.

The Senate approval of the budget on Tuesday, however, confirmed the non- inclusion of fuel subsidy provision in the document but N21bn was budgeted for the funding of the Subsidy Reinvestment and Empowerment Programme.

The Senate, in passing the budget, slightly reduced the N2.607, 601, 000, 300 proposed by the executive to N2.607, 132,491,708 as recurrent expenditure and simultaneously scaled down the capital expenditure from N642, 848,999,699 estimated in the proposal to N556, 995,465,449.

This was confirmed by Mr mohammad maccido who is the chairman Joint senate commitee on finance.
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