(Breaking News!) Nigerian Senate Passes N4.6 trillion 2014 Budget.

The Nigerian Senate has approved President
Goodluck Jonathan’s proposal to spend N4.6
trillion as the government budget in 2014.
The Senate, however, raised the figure by relatively
minimal N53 billion.
The budget, the lowest in three years, passed the
second reading on February 4. The approval came
four months into the new fiscal year.
A third reading passage is expected by the House of
Representatives before a harmonization of the bill,
ahead of the president’s assent.
The original budget sum presented to the lawmakers by
the finance minister, Ngozi Okonjo-Iweala, on behalf
of the president, was N 4.642 trillion. The budget bill
was submitted in December 2013.
Out of that sum, 3.54 trillion was slated for the
recurrent expenditure while the remaining N1.1 trillion-the equivalent of 23.7 percent, was billed for capital projects.
Critics have questioned a spending plant that consistently gives too much to government running cost than development.

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