of Representatives will today
on the 2013
budget estimates presented on 10th Oct 2012 by President Goodluck Jonathan. The House
Leader, Hon. Mulikat Adeola Akande, presented the lead debate
for the budget at Tuesday's plenary session of the House.
She stated that her proposal was for the consideration of "A Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation. The total sum of N4.924 trillion of which N380 billion is for statutory transfers, N591 billion is for debt service, N2.412 trillion is for recurrent expenditure while the balance of N1.540 trillion is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2013."
President Jonathan presented a budget estimate of N4.929 trillion for the 2013
fiscal year with a revenue projection of N3.891 trillion for the same period. Already, the lawmakers have decided to endorse $80 per barrel of crude oil as the benchmark for the 2013
budget, a 5dollar difference from that which was prescribed by President Jonathan. The endorsement was made when they passed a resolution adopting the Medium Term Expenditure Framework (MTEF) for 2013-2015 earlier Presented by the President.