On
Thursday, the Federal Government allocated N45 billion in 2014 budget
to enable the Independent National Electoral Commission (INEC) prepare
for the 2015 general elections. The Federal Government announced the
figure in the 2014 National Budget laid before the National Assembly by
Dr Ngozi Okonjo-Iweala, the Minister of Finance.
President Goodluck Jonathan in a letter to the Senate on Wednesday
stated that Okonjo-Iweala would lay the budget to the National assembly.
The allocation to INEC was N13 billion higher than the 2013 budget of
N32 billion.According to the budget, the National Assembly allocation is to be maintained at the 2013 level of N150 billion.
It increased the provision for debt servicing from N591.8 billion in 2013 to N712 billion in 2014. Recurrent (non-debt) spending was slightly reviewed downwards to N2.43 trillion in the 2014 budget as against N2.80 trillion in 2013.
Personnel cost was also increased slightly from the 2013 amendment budget provision of N1.72 trillion to N1.72 trillion for 2014. The Federal Government had proposed N1.1 trillion for capital expenditure while share of capital in total expenditure was also reviewed to 27.29 per cent down from 31.9 per cent in 2013.
This reflected the increased allocation to pension as well as high wage bill. The share of recurrent in total spending was put at 72.71 per cent while the provision for SURE-P was N268.37 billion.
It proposed N4.64 trillion as aggregate expenditure (Net of SURE-P) and N4.91 trillion aggregate expenditure (Inclusive of SURE-P) in the 2014 budget, Statutory Transfers were put at N399.7 billion.
The budget put the projected gross federally collectible revenue at N10.88 trillion, while N7.16 trillion was projected as gross federally collectible oil and gas revenue.
The total deductions, including cost of crude oil production, subsidy payments, and domestic gas development is N2.15 trillion which is the same in the 2013 budget.
Subsidy payments were maintained at the 2013 level of N971.1 billion while N3.29 trillion was budgeted as gross federally collectible non-oil revenue.
According to Okonjo-Iweala, the focus of the 2014 budget is on more job creation, infrastructure development and cost of governance.
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