Reps defer N4.3tr budget debate, resume January‎ 13

Reps defer N4.3tr budget debate, resume January‎ 13

The House of Representatives on Wednesday, deferred debate on the 2015 budget till January next year after lawmakers would have reconvened in Abuja from the Christmas and New Year break.

The House adjourned till January 13, soon after the Minister of Finance, Dr. Ngozi Okonjo-Iweala, laid the estimates of the N4.3trillion budget‎ before lawmakers at a session presided over by the Speaker, Mr. Aminu Tambuwal.

The brief event, which lasted barely five minutes, was devoid of the usual presentation ceremonies and highlights of the estimates, were it to be done by President Goodluck Jonathan.

It has been the tradition for the President to present the budget estimates to a joint session of the Senate and the House in an elaborate way.

However, Jonathan has twice opted to delegate Okonjo-Iweala since 2013 to do the laying of the budget instead of coming personally to address the National Assembly and do the presentation.

Okonjo-Iweala, who is also the Coordinating Minister of the Economy, came to the National Assembly with a retinue of other ministers on her trail and the‎ Director-General, Budget Office of the Federation, Dr. Bright Okogu, to lay the document.

In the chambers of the House of Representatives, she left as quickly as she came, after laying the document, without uttering a word.

On their part, lawmakers too, did not comment on the budget or did much to acknowledge her presence.

Tambuwal simply thanked the minister and her entourage for coming.

He directed that copies of the budget should be circulated to all members by Monday next week.

But, on her way out of the chambers, she told reporters that while the total expenditure was N4.3tr, the government was expecting ‎revenue of N3.6tr.

She stated that some necessary adjustments had to be done to leave the crude oil benchmark at $65 per barrel with a daily crude production quota of 2.27million barrel.

Okonjo-Iweala said, “This budget is based on few indicators, the $65 a barrel benchmark and we are going to stick to it for now inspite of the declining prices because we feel the average price next year will be around $65 to $70.

Source: The Punch