Date Published: 05/25/11

National Assembly passes 2011 Budget

THE National Assembly wednesday adopted the sum of N4,484,736,648,992 as the amended budget for the 2011 financial year, leaving an increase of 53 billion Naira from the sum of 4.407 trillion Naira requested in the budget amendment Bill sent in by President Goodluck Jonathan.

Earlier, President Goodluck Jonathan had requested the legislature to slash the 2011 appropriation by over N500 billion.

However, the Parliament rather jerked the National Assembly’s budget up by as much as N30 billion from the N120 billion recommended by the President in the amendment Bill.

Also, a major victory was won for the Petroleum Industry Bill (PIB) yesterday as the House of Representatives finally agreed to create a separate agency to explore petroleum in the Northern part of country.

This settled the opposition, which the Bill has been suffering from Northern lawmakers who had expressed suspicion and fears about government’s commitment to intensify the exploration of petroleum in the North.

Most of the lawmakers had opposed the PIB on the ground that it contained no serious provision that showed any special commitment by government on the issue of petroleum exploration in the North.

Specifically, they had argued that until an independent agency was created to take care of that responsibility, support for the PIB would be difficult.

But yesterday, other lawmakers agreed with their Northern colleagues and section 35 was amended to the effect that a new independent agency would be created to be dedicated to National Frontier Exploration Services.

But Jonathan in the amendment Bill put the National Assembly’s budget at 120 billion Naira, showing a reduction of N112.7 billion, but the two chambers yesterday adopted the sum of 150 billion Naira for the federal legislature.

Also, against the request for a new capital expenditure of N1.122 trillion from the initial N1.526 trillion, the National Assembly however adopted the sum of N1.146 trillion as capital expenditure for the 2011.

But the total votes for recurrent (non-debt) expenditure of N2.40 trillion requested in the proposed amendment Bill was not tampered with.

In the House of Representatives, the joint committee on Finance and Appropriation to which the Bill was committed turned its report on schedule, as directed by the House leadership led by Speaker Dimeji Bankole.

During the consideration of the motion moved by Chairman of the Appropriation Committee, Ayo Adeseun, there was no objection to all the clauses.

President Jonathan had in a letter read to members on Tuesday by Bankole, requested the House to expeditiously alter the Appropriation Act, leaving the new total appropriation at 4.407 trillion Naira.

The President on December 15, 2010 presented an initial budget proposal of N4.226 trillion to a joint session of the National Assembly.

A total of N4.972 trillion was passed earlier this year by the parliament.