As the current excruciating fuel scarcity persist across the country, the Senate passed the 2015 budget of N4,493,363,957,158 trillion without provision for fuel subsidy.
This implies that Nigerians will henceforth pay more for petroleum products as the subsidy they hitherto enjoyed will be borne by them.
fuelWhile passing the budget, the Senate appealed to the incoming Gen. Muhammadu Buhari’s administration to block leakages in the personnel cost of the Federal Government to save money for capital projects.
The Senate also reduced the allocation for the Subsidy Reinvestment and Empowerment Programme, SURE-P, to N21billion.
The National Assembly also slashed its budget by N30billion allocation from N150billion to N120billion.
The Senate, like the House of Representatives adopted $53 as oil benchmark, 2.2782mbpd, N190/US dollar as exchange rate, N1,075,303 trillion as fiscal deficit and 1.12 percent as deficit/GDP respectively.
Chairman of the Joint Committee on Appropriation and Finance, Senator Umaru Maccido, who presented the budget which is the same figure passed by the House of Representatives last week, said they held several meetings with the Lower Chamber to arrive at the same Budget figure.
He said with the development, there will be no Conference Committee of the National Assembly to harmonise the budget.
Maccido told journalists that he believes that the blockage of leakages in the budget will free money for development, adding that this is necessary because of the near-zero vote for capital expenditure caused by the fall in oil revenue.
He said that almost all the Ministries, Departments and Agencies, MDAs, had zero allocation for capital projects in the 2015 Appropriation Bill.
According to him, the development was “a perfect recipe for abandonment of ongoing projects and non-commencement of new ones.”
The details of the budget showed that the Niger Delta Development Commission, NDDC’s allocation was pegged at N46.720billion; Universal Basic Education, UBE, N68.380billion; National Assembly N120billion; Public Complaints Commission N4billion, and National Human Rights Commission, NHRC, N1.516billion.
The Senate approved N73billion for the National Judicial Council, NJC and N62billion for the Independent National Electoral Commission, INEC.
A further breakdown of the budget showed that N375.616billion is for statutory transfer, N953.620 for debt service, N2,607,132,491,708 for recurrent (non-debt) expenditure, and N556,995,465,449 for capital expenditure in statutory transfer inclusive of N144.420 billion for contribution to the development fund capital expenditure.
From the N2,007,775,136,033 approved for recurrent (non-debt) expenditure, Education gets the highest allocation of N392,242,784,654, followed by Defence/MOD/Army/Air Force/Navy with N338,797,219,431 and Police Formations and Commands with N303,822,224,611.
Health received N237,075,742,847; Interior, N153,330,022,460; Youth Development, N69,423,427,479; National Security Adviser, N62,226,771,999; Petroleum Resources, N58,274,429,975; Secretary to the Government of the Federation, N48,389,942,264; Foreign Affairs, N41,649,382,166, Agriculture and Rural Development, N31,869,020,717.
The sum of N26,590,103,366 is for Science and Technology; N25,173,916,543 for Works; N23,682,420,241 for Information; N20,085,865,120 for the Presidency; N18,081,478,935 for Tourism, Culture and National Orientation; N15,559,334,341 for Environment; N10,941,859,480 for Trade and Investment while N10,592,048,381 is for Communication Technology.
From the N13,965,664,092 approved for the eight federal executive bodies, the sum of N5,293,800,054 is for National Population Commission; N1,935,767,344 for Code of Conduct Bureau; N493,656,088 for Code of Conduct Tribunal; N2,207,213,456 for Revenue Mobilisation Allocation and Fiscal Commission; N1,125,005,114 for Federal Civil Service Commission; N740,477,185 for Police Service Commission and N2,167,931,068 for Federal Character Commission.
From the sum of N231,058,494,343 approved for Service Wide Votes, N20.270 billion for Zaman Lafiya; N22 billion for operations – Internal – for the Armed Forces; N9.6 billion for payment to Nigerian Army Quick Response Group, including arrears; N5billion for payment of outsourced services; N2.3billion for entitlements of former presidents/heads of state and vice presidents/chiefs of general staff; N5.5billion for Employees’ Compensation Act – Employees Compensation Fund; N17.5billion for general elections logistic support; N17,397,993,277 for contingency; N6billion for country’s contribution to West African Examination Council, WAEC; N4.5billion for assessed contribution to African Union and others; N5billion for margin for increases in costs; N11billion for external financial obligations; N3,099,600,000 for recurrent adjustment; N38,987,017,746 for public service wage adjustment for MDAs (including arrears of promotion and salary increases) while N11.755billion is for improved remuneration package for Nigeria Police.
The sum of N60,251,158,887 is for payment into the redemption fund (15 percent of total personnel cost); N18billion for arrears of 33 percent increase in pension rates; N3.750billion for arrears of police death benefits (2004-2010); N14,690,036,516 for Group Life Insurance for all MDAs, including DSS; N1billion for Armed Forces enhanced retirement benefits of Commodores and above; N2.995billion for severance benefits of Delta Steel Company/pension pay-off; N3,544,110,811 for NHIS (military retirees), and N36million for administration and monitoring of (OHCSF) Group Life.
From the total sum of N63,281,093,786 earmarked for Presidential Amnesty programme, the stipends and allowances of 30,000 Niger Delta ex-militants will gulp N23.625billion; N5,502,447,783 is for presidential amnesty operational cost; N34,153,646,003 for reintegration of transformed ex-militants while reinsertion/transition safety allowances for 3,642 ex-militants (phase 3) got zero allocation.
According to the report, the sum of N498,428,999,699 was set aside for capital expenditure of various MDAs in addition to the sum of N144.420billion as capital expenditure in statutory transfers.
From the total sum of N953.62billion approved for debt servicing, N894.610 billion is for domestic debt while N59.010billion is for foreign debts.


Ad:See How you can turn $500 into $10,000 Click HERE For Details.
SHARE