On Wednesday, April 9, 2014, the Nigerian 2014 budget was finally passed into law by the Senate; four months after it was laid before them by the executive.
The budget presented by the executive was N4.642tn but by the time it was approved by the Senate it had increased by extra N53billion. Deliberations on the figures took the Senate about an hour and a half after which a budget of N4.695tn was released.
Statutory transfer was increased from N399,887,801,891 to N408,687,801,891; debt servicing was retained at N712,000,000,000; and recurrent expenditure was reduced from N2,430,665,361,597 to N1,119,614,631,407. The Senate approved N4,695,190,000,000 for aggregate expenditure, while the initial N4.642tn budget proposed by the executive included N1,100,606,836,512 for contribution to the development fund for capital expenditure.
In line with order 92(4) (a) of the Senate standing order, the committee later referred the bill to the appropriate standing committees on money bills alongside a time line in which to present their reports.
The Subsidy Reinvestment Component of the budget was adjusted to N268, 370,000,000 for this year. This amount was not part of the initial collective budget figure but was captured in the final assemblage of the bill.
The Senate had adopted the report of its committee on the Medium Term Expenditure Framework and Fiscal Strategy Paper for the implementation of the 2014 budget, which had fixed the oil benchmark at $76.5 per barrel, thus rejecting President Goodluck Jonathan’s proposal of $74 per barrel for the 2014 financial plan.