FG budgets N3tr for 2009

Proshare

The Federal Government has prepared a budget of N2.67 trillion for 2009. The proposed budget is expected to be presented to the National Assembly by President Umaru Yar’Adua very soon.

 

The draft of the budget circulated to the principal secretaries to the President and the Vice President, chairmen of commissions, ministers and ministers of state and other stakeholders has been signed by Dr. Shamsuddeen Usman, minister of finance.

 

The proposal estimates N1.523 trillion as recurrent expenditure and N552.2 billion as capital expenditure, while statutory transfers and debt service have been put at N164.3 billion and N436.2 billion respectively. Details of how the proposed budget will be financed have yet to be released by the government.

 

President Umaru Yar’Adua, had Monday this week  said his government would consider taxation as alternative to financing future budgets of the country since revenue from oil would no longer be a reliable source due to the volatility of the product at the international market.

 

The Federal Government had earlier this month also said that next year’s budget would be pegged on $62.5 per barrel oil benchmark against $59 per barrel for 2008. It is not clear whether this benchmark would remain as a result of on-going downturn of crude prices at the international market. - Financial Standard

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