$79 Bench Mark Ideal for 2014 National Budget, Says Aliyu

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* Unveils N98.8Bn appropriation to state Assembly

The ongoing face-off between the executive and the legislative arms of the federal government of Nigeria reared its ugly head on Tuesday in Minna, Niger State, when the state governor, Dr. Babangida Aliyu, sided with the House of Representatives that has insisted on a $79 per barrel of crude as benchmark.
Aliyu maintained that $79 dollar to a barrel of crude oil should the most ideal benchmark for nest year’s federal budget.
Aliyu hinged his position on the fact that crude price has not been below $70 since 2007 at the international market. He further argued that a lower benchmark will be putting too much money in the excess crude oil account.
“There will be too much money in the excess crude oil account if the demand of the federal government is meant, states and local governments in the country are suffering. We are happy with the position of the House of Representatives. Left to the states, we need $85 as benchmark,” the governor said.
Meanwhile, Aliyu has presented a N98.8 billion Appropriation Bill to state House of Assembly for the 2014 fiscal year.

He said priority will be given to education, agriculture, health and infrastructure sectors, housing and transport with a view to fast-tracking the attainment of Vision 3:20:20”.
He said that the total estimated revenue for the 2014 financial year is N98, 852,343,536.00.

Aliyu explained that the document is made up of statutory allocation of N69,699,539,654, Value Added Tax (VAT) N9,220,585,968, Internally Generated Revenue N6,315,890,060, Capital Receipts N11,000,000,000 and SURE-P N2,616,327,854.

According to him, the total estimated recurrent expenditure for the next financial year stands at N47, 290,280,591, representing 47.8 percent of the budget while the total projected capital expenditure for the year 2014 is N51,493,090,525 representing 52.16 percent of the budget.

Aliyu explained that the recurrent expenditure comprises of the personnel cost of N27,646,353,835. Overhead cost of N12,048,690,920 and the consolidated revenue charges of N7,595,235,836.

The Governor stated that the total projected capital expenditure is made up of economic sector (N18, 324,162,104 representing 35.5 percent), general administration (N15, 707,001,667) representing 30.3 percent, social sector (N11, 745,270,360) representing 22.81 percent, regional sector (N5,343,128,814) representing 10.38 percent, science and technology sector (N442,500,000) representing 0.86 percent.


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