NASS Passes N4.987 Trillion 2013 Budget

Budget 2013

Abuja — THE National Assembly, yesterday, suppressed agitation against executive non-implementation of the 2012 budget and passed the 2013 budget of the Federal Government, albeit with a N63 billion increase to the N4.924 trillion proposal submitted by President Goodluck Jonathan.
The passage nonetheless, the battle line with the executive remained with the zero allocation accorded the Securities and Exchange Commission, SEC, upon reservations of the administration's failure to adopt its resolution demanding the dismissal of SEC's Director-General, Ms. Arunma Oteh.
In passing the budget, the National Assembly adopted $79 as the benchmark for crude oil price, though it adopted the executive proposal of crude oil production of 2.53 million barrels per day and an exchange rate of N160 to a US dollar. President Jonathan in his proposal had requested crude oil price to be fixed at $75 per barrel.
The passage of the budget by the two Houses, Vanguard learnt last night, was upon serious lobbying by the executive and the last minute moderation by some legislators especially in the House of Representatives who had mobilized to truncate the earlier promise of delivering the budget before year's end.