Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

2012 Budget Benchmark Remains $70/b

Category: Nigeria Economy

  Read (1451)
2012 Budget Benchmark Remains $70/b

February 22,   2012/ By Ndubuisi Francis

The Budget Office of the Federation (BoF) reaffirmed yesterday that the benchmark of the 2012 Budget remains $70 per barrel and not $90 as claimed by a media report.

BoF Director-General, Dr. Bright Okogu, in an e-mailed statement made available to THISDAY, said it was necessary to clarify that “with regard to the revised 2012 Budget recently submitted to the National Assembly by President Goodluck Ebele Jonathan, some important details in the (said) report were inaccurate.

“For instance, the claim that the budget benchmark has been changed to $90 per barrel is not true. The benchmark price remains $70 per barrel as reflected in the revised Medium Term Fiscal Framework.

“Secondly, the paper also stated that the provision made for subsidy against the background of partial deregulation is N180 billion. The correct figure, as widely published recently, is N888 billion,” the BoF DG said.

According to him, it was also vital to clarify that the deficit in the revised budget was within the limit of three per cent of GDP as enunciated in the Fiscal Responsibility Act, 2007 “in line with the commitment of the Federal Government to maintaining a prudent fiscal stance.

“The Budget Office of the Federation would like to stress that the revised budget is a rigorous document focused on growth and development within the context of prudent management of resources,” the statement concluded.

Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, had last week, unveiled a revised budget proposal of N4.648 trillion, down from N4.749 trillion in the original budget presented to the National Assembly on December 13, 2011 by President Goodluck Jonathan. Government also slashed aggregate expenditure by N100.25 billion.


Source: Thisday

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Nigeria Economy

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014