GENTLEMEN OF THE PRESS,
\nI have invited you this afternoon to shed some light on issues concerning the presentation of the 2014 budget by President Goodluck Jonathan and explain the importance of the benchmark to the budget process.
\nFor the purpose of clarity and for the benefit of ordinary Nigerians, a budget is fundamentally predicated on annual projected total accruable revenue to the country. In simple terms, and with reference to Nigeria and in view of the fact that the bulk of our expected annual revenue is from the sale of crude oil, it follows therefore that the total volume of sale of crude oil in a year, multiplied by a projected average crude oil price in the international market (BENCHMARK) represents this bulk of our revenue.
\nIn the preparation for the 2014 budget, and in accordance with projections in the 2014-2016 Medium Term Expenditure Framework, the Federal Government initially proposed a $ 74 per barrel for crude oil. However, in the course of further consultations, some understanding evolved around $76.5 per barrel on which the budget was prepared. It subsequently became known that there is an apparent disparity in the figures adopted by the two houses of the National Assembly as benchmark for the budget. This disparity, if not harmonized, will grossly undermine the veracity of the projections in the 2014 budget as prepared by the Federal Government.
\nThe President therefore chose to allow the two Houses arrive at a harmonized figure, after which the presentation of the 2014 budget will be done by Mr President such that the processing and approval by the National Assembly will not be unduly encumbered.
\nWe trust that this pragmatic approach will be appreciated and wholesomely well received by the distinguished senators and Hon members of the National Assembly.
\nIt is in this light that we unequivocally debunk insinuations in some section of the Media that the President boycotted the National Assembly today for security reasons or that government has anything to hide on the budget issue.
\nWe assert that this is not a boycott of the National Assembly or an attempt to create discord between the two arms of government. Rather, it is an effort to improve on procedural efficiency, conviviality and co-operation between the Legislature and the Executive in the overall interest of our Nation, our citizens and good governance.
\nThank You<\/p>\n","protected":false},"excerpt":{"rendered":"
GENTLEMEN OF THE PRESS, I have invited you this afternoon to shed some light on issues concerning the presentation of the 2014 budget by President Goodluck Jonathan and explain the…<\/p>\n","protected":false},"author":1,"featured_media":19686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[11],"tags":[],"class_list":["post-19685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pointblanknews-investigations"],"yoast_head":"\n