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Author Topic: Oil below $60 as FG presents 2015 budget to N’Assembly  (Read 121 times)

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Offline smartoo

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Oil below $60 as FG presents 2015 budget to N’Assembly
« on: December 17, 2014, 09:23:20 am »
International Brent crude oil
price dropped to $59.83 per
barrel on Tuesday as the Federal
Government notified the
National Assembly of its
intention to present the 2015
budget to it on Wednesday
(today) for consideration and
approval.
The drop raised fears that the
$65 oil benchmark for the
2015 financial estimates might
be further reviewed
downwards.
The Minister of Finance and
Coordinating Minister for the
Economy, Dr. Ngozi Okonjo-
Iweala, is to present the
N4.357.96tn budget to the two
arms of the National Assembly.
The details of the financial
proposal are contained in the
Medium Term Expenditure
Framework and Fiscal Strategy
document sent to the Senate
by President Goodluck Jonathan.
The government proposed
N627bn out of the total figure
as capital expenditure and
N2.622tn for recurrent
expenditure.
The revised 2015-2017 MTEF
showed a sharp reduction in
the figure presented in the MTEF
earlier sent to the Senate but
was withdrawn following the
earlier crash of crude oil price
in the international market.
In the first MTEF presented in
September, 2014, the
government had proposed a
benchmark of $78 per barrel of
crude oil, with an exchange rate
of N160 to a dollar.
The total budget figure then
was N4.8tn, but when oil price
crashed, the government
effected a reduction in the
budget benchmark from the
earlier proposed $78 to $73 per
barrel, with an exchange rate of
N162 to a dollar.
The total budget figure in that
proposal was N4.7tn but with
further fall in the oil prices, the
benchmark was also reduced
to $65 per barrel, with an
exchange rate of N165 to a
dollar for the 2015 fiscal year.
In the House of Representatives,
Jonathan’s decision to delegate
the minister instead of coming
to do the presentation himself
led to protests that could have
stalled the budget.
Shortly after the Speaker, Mr.
Aminu Tambuwal, had read the
President’s letter requesting
the approval of the House for
Okonjo-Iweala to present the
estimates today, some members
raised voices against it.
The House Minority Leader, Mr.
Femi Gbajabiamila, who led the
protests said the practice over
time was for the President
himself to present the estimates
to a joint session of the National
Assembly.
He observed that since 2013,
Jonathan had formed the habit
of delegating the minister to do
the presentation on his behalf.
The lawmaker argued that
while his excuse of being out of
the country last year during the
budget presentation could be
overlooked, his decision to
delegate it again this year was
questionable.
Gbajabiamila asked , “Why is the
minister coming again when
the President is very much in
the country? The way we are
going, we don’t want a
situation whereby the
parliament will be disregarded
to a point where a Personal
Assistant to Mr. President will
present the budget estimates to
us one day.”
The All Progressives Congress
legislator had hardly rounded
off his points when the House
Deputy Majority Leader, Mr. Leo
Ogor, opposed him.
Ogor, a Peoples Democratic
Party member, used the cover of
the 1999 Constitution to
counter the submission of the
minority leader.
He noted that while Section I of
the 1999 Constitution
recognised its “supremacy”,
Section 81 specifically mandated
the President to “cause” the
budget estimates to be
prepared and laid before the
National Assembly.
Ogor said, “It does not say the
President ‘shall’ be the one to
present the budget estimates.
So, it is inconsequential for the
minority leader to come under
privilege to argue that the
minister cannot do the
presentation.”
His position was greeted with
applause from the floor, an
indication that he gave the
correct position of the law.
Tambuwal intervened to further
give Jonathan backing by
making it clear that the
President was not under
compulsion to make the
presentation personally.
According to the speaker, the
President can choose not to
observe the “parliamentary
tradition” of presenting the
estimates in person, adding that
his choice of presentation
should not stall the estimates.
He said, “The provision (of the
constitution) does not say it is
the President. Of course,
parliamentary tradition expects
him to present the estimates,
but if he decides to go the other
way, we must not be seen to be
forcing the President to do so.”
Another APC lawmaker from
Kano State, Mr. Ali Madaki, also
came up with another point of
privilege to argue that the
2015-2017 MTEF must first be
approved before receiving the
budget estimates from
Jonathan.
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