Senate passes N4.8trn 2012 budget

The Senate, yesterday, passed the budget of N4,877, 209,156,933 for the 2012 fiscal year, just as it plans to sue the Central Bank of Nigeria, CBN, over repeated failure to submit its budget to National Assembly for approval.

The new budget passed was N229 billion higher than the revised budget of N4.648 trillion sent to the National Assembly in February by President Goodluck Jonathan.

The budget includes an upward review of oil benchmark of $70 bpd proposed by President Jonathan to $72 bpd which is to help reduce provision for deficit budget of N1.162 trillion by N98 billion.

It also includes N888 billion funding for oil subsidy programme, beside another N180 billion provided for Subsidy Re-investment Programme, SURE.

Senators, during the clause-by-clause consideration of the budget after its presentation by chairman, Senate Committee on Appropriation, Ahmad Maccido underscored the poor performance of the 2011 budget.