By Ezrel Tabiowo
Abuja
Five months after presentation of the 2015 budget to both chambers of the National Assembly by the federal government, the Senate yesterday passed the sum of N4,493,363,957,158 as the budget for the fiscal year.
The approval came following consideration of the report of the Joint Committee of Appropriation and Finance, which was laid last Wednesday by the Deputy Chairman, Senate Committee on Appropriation, Senator Sonni Ogbuoji.
A breakdown of the figure shows that the sum of N375,616,000,000 is for statutory transfer; N953,620,000,000 is for foreign and local debts servicing and N2,607,132,491,708 is for is for recurrent expenditure.
Also, out of the amount, N375,616,000,000 is for statutory transfer; N953,620,000,000 for foreign and local debts service and N2,607,132,491,708 is for recurrent expenditure.
According to the report of the Senate Committee on Appropriation, the total sum of N953.62 billion was approved for debt servicing; N894.610 billion is for domestic debts while N59.010 is for foreign debts.
Also, the Senate approved N556,995,465,449 for capital expenditure; N4,493,363,957,158 as aggregate expenditure, N21,030,000,000 for Subsidy Re-investment and Empowerment Programme (SURE-P) while the sum of N1,075.3 trillion is budget for fiscal deficit.
In a related development, the Senate adopted the federal government’s decision to discontinue subsidy on fuel by not making any provision for same in this year’s budget.
The upper chamber also adopted $53 as oil benchmark, 2.2782mbpd, and N190/US dollar as exchange rate and 1.12 percent as deficit/GDP.
Meanwhile, Education has the highest allocation of N392, 242,784,654, followed by Defence/MOD/Army/Air Force/Navy with N338, 797,219,431 and Police Formations and Commands with N303, 822,224,611.
Health received N237,075,742,847; Interior, N153,330,022,460; Youth Development, N69,423,427,479; National Security Adviser, N62,226,771,999; Petroleum Resources, N58,274,429,975; Secretary to the Government of the Federation, N48,389,942,264; Foreign Affairs, N41,649,382,166, and Agriculture and Rural Development, N31,869,020,717.
