2015 budget: Reps kick against $65 benchmark

The House of Representatives has rejected the $65 benchmark proposed in the 2015 budget by the executive.

It said the 2015 proposed budget was based on certain policy thrusts, instruments and assumptions that were flawed and must be “critically” addressed.

Shettima presents N175bn budget for 2015

Gov. Kashim Shettima of Borno on Tuesday presented a budget proposal of about N175 billion for the 2015 fiscal year to the state House of Assembly in Maiduguri for approval.

Shettima said that the proposal, tagged `Budget of Fulfilment', comprised N62 billion recurrent and N113 billion capital expenditures.

He explained that the budget would be financed through N98 billion Statutory Allocation, N39 billion Internally Generated Revenue and N38 billion Capital Receipts.

2015 budget: FG maintains 65 dollars oil price, introduces charges on luxury goods

Okonjo Iweala presenting the budget

Minister of Finance, Dr Ngozi Okonjo Iweala, said Federal Government would continue with the proposed 65 dollars oil benchmark for the 2015 budget in spite of volatility in the global oil price.

Okonjo-Iweala disclosed this at the public presentation of the 2015 budget on Wednesday in Abuja.

``We have put the following benchmarks, which are operated in the 2015 budget; oil production remains at 2.27 million barrel per day, as I said, benchmark oil price at 65 dollars per barrel.

``We are using an exchange rate of N165 to the dollar and we are projecting a fiscal deficit N755 billion or 0.79 per cent of Gross Domestic product (GDP).

``And we are keeping domestic borrowing at a downward trend, the same as last year at about N570 billion which is comparable to the N572 billion for 2014,’’ she said.

According to her, GDP growth is projected at 5.5 per cent as also projected by the National Bureau of Statistics.