PRESIDENT Goodluck Jonathan has formally sought the approval of the National Assembly for a downward review of the 2012 budget by N101bn. The president had on December 13 last year presented a budget proposal of N4.749tr to a joint session of the National Assembly for the 2012 fiscal year. �
But in his letter yesterday to the leadership of both chambers of the National Assembly, Jonathan said it was necessary to review the 2012 budget and the 2012-2014 Medium Term Expenditure Framework owing to the effects of the partial removal of petroleum subsidy on government revenue and expenditure� items.�
The new proposals show that instead of the N4.749tr earlier proposed for the 2012 fiscal year, Jonathan is seeking the issuance of N4.648tr from the nation?s consolidated revenue account, making a difference of N101bn.
The capital expenditure component of the budget is now N1.284 trillion as against the N1.319tr earlier proposed.
In the same vein, the recurrent (non-debt) expenditure, which was initially put at N2.471tr has not been reduced to N2.432 trillion; while statutory transfers is now put at N372.6 billion as against the N397.9bn initially proposed.
Apart from seeking approval for the provision of N888bn as subsidy on petroleum for the 2012 fiscal year, Jonathan also sought approval for N180bn as part of the funds required for the implementation of the Subsidy Re-investment Empowerment (SURE) Programme on assumption of $90 per barrel of crude oil in the international market since Nigeria imports 90 percent of the fuel for local consumption.
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