by Lekan Olanrewaju
The 2012 budget is now available online on the website of Policy and Legal Advocacy Centre (PLAC). President Jonathan had two weeks ago signed the bill into law, but on April 16th requested the National Assembly review the budget.
He requested a review of allocations to the Niger Delta Development Commission (NDDC) and the Universal Basic Education (UBE). Allocations to these projects are based on percentage of revenue accruing to the federal government and as the oil benchmark have been raised from $70 initially proposed, to $72 as passed by the National Assembly, there are shortfalls of N1.91 billion and N1.97 billion in the respective budgets of the two parastatals.
The budget projects an expenditure of N4.877 trillion.The budget indicates a capital expenditure of only 28%, with recurrent expenditure gulping a whopping 72%.
The full 450 page report can be gotten here.