Reps pass 2013 budget

By The Nation Newspaper

The House of Representatives on Thursday passed the 2013 budget of N4.987 trillion as against the N4.924 trillion presented by President Goodluck Jonathan.

This represents a difference of N63 billion.

It is comprised of N387.9 billion for statutory transfers, N591.7 billion for debt services.

The News Agency of Nigeria reports that the budget is also made up of N2.3 trillion as recurrent non-debt expenditure, N1.6 trillion for contribution to the development fund for capital expenditure for the year ending December 31, 2013.

All unutilized capital expenditure in the 2012 budget had been rolled over to form part of the 2013 Appropriation Act.

The Deputy Speaker, Mr. Emeka Ihedioha, who presided enjoined all standing committees of the House to carry out their oversight function in order to ensure full implementation of capital projects.

The spending plans assumed a 79 dollars per barrel benchmark oil price as against the 75 dollars submitted to the National Assembly by the president.