Jonathan Signs N4.6 Trillion Budget For 2010

GOODLUCK JONATHAN SIGNING THE BUDGET WITH SENATE PRESIDENT DAVID MARK, DEPUTY SPEAKER, USMAN NAFADA AND PRESIDENTIAL ADVISER, MUHAMMED ABBA AJI PRESENT.

ABUJA April 22, (THEWILL) – Nigerian Acting President Goodluck Jonathan has signed the N4.6 trillion 2010 budget into law.

He also signed the Oil and Gas Industry Content Development Bill.

The signing of the budget which was witnessed by the leadership of the Senate and the House of Representatives at the Presidential Villa Abuja Thursday morning came after the Acting President and the legislators reached a compromise on the grey areas in the budget.

Jonathan had initially rejected the budget as passed following his disagreement with the increases made by the legislature on both the expenditure and revenue profiles.

While Jonathan sent a N4.07 trillion budget, the two chambers of the National Assembly last month passed a harmonized N4.6 trillion which was transmitted to him for assent.

With the signing of the budget, the coast has become clear for releases and spending by government ministries and department for recurrent and capital projects.

The budget provided for a total of N1.853 trillion for capital projects and N2.077 for recurrent expenditure.

This is predicated on a N3.086 trillion projected revenue with a N1.521 deficit expected to be financed by government borrowings and proceeds from sale and privatization of government properties.

Jonathan had Wednesday written to the National Assembly seeking its approval to secure a $1 billion dollar World Bank credit to finance a part of the deficit.