The National Assembly transmitted the 2014 budget to the executive yesterday, April 22, 2014. The transmission occurred two weeks after it was passed by the Senate and House of Representative.
The budget for the 2014 fiscal year as passed by the National Assembly increased by N53billion from the N4.642tn that was presented by the Executive on December 19, 2013 to N4.695tn.
Of the total budget figure, N2.454tn was approved as recurrent expenditure, N1.119tn was passed as capital spending, N408.6bn for statutory transfer as well as N712bn for debt service.
Also passed was the entire N268.3 billion budget proposed by the executive. The budget was predicated on $77.50 per barrel crude oil benchmark; proposal of 2.3883 million per barrel of crude oil production per day, exchange rate of N160 to $6.75 per cent growth rate of Gross Domestic Product (GDP) as well as 9.5 per cent inflation rate.
Education which had N373.5bn as recurrent expenditure and 50.7bn as capital expenditure had the largest amount as indicated from the breakdown of the total budget figure.
This is followed by Security which comprises of Ministry of defence, Army, Navy, and Air force with N314.3bn as recurrent expenditure and N35.3bn as capital expenditure.
The police formation and command with the budget of N295.5bn as recurrent expenditure and N7.3bn capital expenditure is next after Security.
While others are Health - N214.9 bn recurrent expenditure and N49.5 bn capital expenditure; Works - N106.3 bn capital expenditure and N27.4 bn recurrent expenditure; Power - N3.3 bn capital expenditure and N59.8 bn recurrent expenditure, among others.