Revised budget presented
President Goodluck Jonathan has called on the National Assembly to accept a revised federal budget for 2012 which was presented on Tuesday. The new budget has revised expenditure down fromNGN4.749 trillion to NGN4.648 trillion.
A number of budgets have been cut, including the National Electoral Commission, National Judicial Commission, Niger Delta Ministry, Universal Basic Education, Education Ministry and Presidency budgets.
The Defence budget has been revised up from NGN291 billion to NGN296 billion, presumably to reflect the continuing internal security issues in the north of the country.
The revised budget also raised subsidy payments to NGN888 billion and raised oil price for a barrel of crude oil to $75. Again this will be a reflection of the strikes and protests earlier this year over the removal of subsidies on petrol prices in which the government conducted a partial climb down.