The Nigerian senate has today passed the budget of the sum of N4.695 trillion for the 2014 fiscal year in excess of N53 billion from the initial N4.642 trillion proposed by the Executive.
Pending Defection Letter Before Senate
The Nigerian Senate has today passed a N4.642trn budget in Plenary today for the 2014 fiscal year while committing it to various committees for further legislative work. This was disclosed today during a press briefing by the chairman, Senate committee on Information, Senator Enyinnaya Abaribe, shortly after the close of plenary.
Presenting a N4.749 trillion budget benchmarked at US$ 70/barrel with an estimated oil production of 2.48 milliion barrels per day (mbpd), estimated exchange rate of NGN 155/USD, projected GDP Growth rate of 7.2% and 9.5% inflation rate, the budget represents a 6% increase over the 2011 budget.
Reactions to full deregulation of the Petroleum Downstream
The Nigerian Senate has reacted to the commencement of full deregulation of the downstream sector of the petroleum industry by the express and immediate removal of subsidy on Premium Motor Spirit (PMS) by the Petroleum Products Pricing and Regulatory Agency, PPPRA, and says ''the Senate is yet to take a final decision on the issue''.