Jonathan presents N4.75trn budget to NASS...no provision for subsidy

[DT]

President Goodluck Jonathan, this afternoon, presented the proposed 2012 budget to the joint session of the National Assembly.

The proposed 2012 budget stands at N4.749 Trillion naira, representing about 6 percent increase over the N4.48 Trillion in 2011.

The petroleum subsidy allocation was not included in the budget further confirming that subsidies on petrol will likely be abolished by this month, sending prices of petrol to figures in the region of between N140-N150 per litre from the current N65 per litre.

The House will now deliberate on the proposal and return the proposal to the President after their deliberations.

While delivering his speech before the presentation, Jonathan said that "the 2011 elections, the inauguration of the new administration as well  as constitutional amendment processes, all affected the full  implementation of the 2011 budget" He also said "the 2012 budget will be a stepping  stone to Nigeria's transformation".

Speaking earlier on the determination of the National Assembly to ensure the full implementation of the 2012 budget through their oversight functions, Senate President David Mark remarked that Nigeria has "what it takes to be a world power, but we have never really tasked ourselves in this regard."

The 2012 Fiscal year budget breakdown:

Capital Expenditure: N1.32 Trillion

Recurrent (non debt) Expenditure: N2.472 Trillion

Statutory Transfer: N398 Billion

Debt servicing: N560 Billion

Other sectors

Security: N921.91 Billion

Power: N161.42 Billion

Works: N180.8 Billion

Education: N400.15 Billion

Health: N282.77 Billion

Agriculture: N78.98 Billion

Water Resources: N39 Billion

Petroleum Resources: N59.66 Billion

Aviation: N49.23 Billion

Transportation: N54.8 Billion

Land and Housing: N24.9 Billion

Niger Delta: N59.7 Billion

Science and Tech: N30.84 Billion

FCT : N45.59 Billion

Communication and ICT: N18.31 Billion "The 2011 elections, the inauguration of the new administration as well  as constitutional amendment processes, all affected the full  implementation of the 2011 budget...the 2012 budget will be a stepping  stone to Nigeria's transformation". President Jonathan

DailyTrust