Thursday, 21 May 2015

2015 Budget Gets Jonathan's Approval2015 Budget Gets Jonathan's Approval

2015 Budget Gets Jonathan's Approval


With just over a week before his official handover, the outgoing President, Goodluck Jonathan, has approved the sum of N4.5 trillion ($22.6 billion) budget for 2015.
According to a statement credited to the president’s spokesman, Dr. Reuben Abati, the budget, which was by the National Assembly in late April, was approved by the Nigerian president on Wednesday, devoid of the usual fanfare.
It was also reported that the budget is 3.2% smaller than last year’s, following the issues associated with global crude prices which are responsible for the cash crunch in the country.
Abati said: “I can confirm to you that Mr. President had signed the 2015 budget into law some days back without the usual fanfare”.
Vanguard reports that Muhammadu Buhari’s imminent take-over next week may also mean a budget supplement since he is yet to outline his economic policy, although it is expected that the former head of state will crack down on excessive spending by government officials, including the use of official cars.Earlier this month, the finance ministry lamented that it had already been forced to use up half of its budgeted borrowing allowance to pay overheads and salaries, and is yet to release any funds for capital expenditure this year.

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