BREAKING: Senate Passes N4.69trn 2014 Budget

The Senate,  passed N4.69 trillion as budget for the 2014 fiscal year, nearly four months after it was presented by Ngozi Okonjo-Iweala, on behalf of the President. The executive had proposed N4.642 trillion, but the amount was jerked up with an additional N53 billion, by the upper chamber.

27% of the budget sum, which is N1.1 trillion is for capital expenditure, while the remaining 73% goes to running the government – N2.454 trillion for recurrent expenditure, N408.6 billion for statutory transfers, and another N712 billion is for debt service.