Senate passes N4.493trn budget

The Nigerian Senate has passed a budget of N4.493 trillion for the 2015 fiscal year.

The budget was passed on Tuesday, April, 28, 2015, five months after being submitted by Minister of Finance, Ngozi Okonjo-Iweala.

The passed budget was N51 billion more that the estimate of N4.425 trillion submitted to the National Assembly by the minister.

Funding for fuel and kerosene subsidies was however scrapped by the Senate as no provisions for the payments were made in the budget.

The upper legislative house also reduced the N2,607,601,000,300 proposed by the executive to N2.607, 132,491,708 as recurrent expenditure and simultaneously scaled down the capital expenditure from N642,848,999,699 estimated in the proposal to N556,995,465,449.

The budget also put fiscal deficit at N1.075 trillion.