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Analysis delay budget 2012

The Minister of Finance, Dr. Ngozi okonjo-Iweala has revealed that President Goodluck Jonathan was yet to sign the 2012 budget because of the alterations made … Continue reading Analysis delay budget 2012


The Minister of Finance, Dr. Ngozi okonjo-Iweala has revealed that President Goodluck Jonathan was yet to sign the 2012 budget because of the alterations made to the budget by the National Assembly.

The Minister gave the explanation after a meeting of the National Economic Management Team presided over by President Goodluck Jonathan at the State House on Tuesday.

According to the co-ordintaing Minister for the economy, the budget was still being studied ahead of meeting with the leadership of the national assembly. “We are studying the details of the budget as passed by the National Assembly to analyse the changes made to it and we will be meeting with the leadership of the National Assembly on Thursday to harmonise on the alterations before moving to the next level” she explained.

A budget of N4.7 trillion with 70 Dollars oil benchmark was proposed by the executive in December 2011 while the National Assembly passed N4.877 trillion with N72 oil benchmark on March 15.

On the specifics of the alterations, the Minister noted that increase in the benchmark and the use of part of the money to reduce deficit was a welcomed development.

She also noted that the areas being studied which are delaying the budget were the changes made to the budget of some specific Ministries, Department and Agencies.

The Director General of the Budget Office, Dr. Bright Okongu, also stated that they have been doing the analysis of the budget after they got the details of the amendments and that the critical element in the analysis was the increase in the oil benchmark which yielded for the Federal government about N98.4 billion.

Okongu said there was no big issue between both arms of government over the alterations and it would be brought to closure after the meeting with the National Assembly.