FG BUDGETS N1.22TRN FOR SUBSIDIES IN 2015 Category: News Published on Friday, 17 October 2014 05:00 Written by Turaki A. Hassan Hits: 250 View Comments The Federal government is proposing to spend the sum of N1.22 trillion on subsidies for fuel and kerosene in next year’s budget. This is contained in the 2015-2017 Medium Term Expenditure Frame Work and Fiscal Strategy Paper forwarded to the National Assembly by President Goodluck Jonathan on Tuesday. Of the N1.22 trillion, N971.4 billion is allocated for petrol subsidy while N250 billion is for kerosene. The MTEF has a total national revenue earning for 2015 project at N7.286 trillion on oil and gas sales for 2015 with N3.716.82bn being proposed as crude oil As part of efforts to tackle crude oil theft and pipeline vandalisation, the security agencies are expected to start ground and aerial surveillance while the Justice Ministry would ensure speedy prosecution of oil thieves and vandals. According to the document “The activities of crude oil thieves and oil pipeline vandals remain the main risks to oil production. “The potential implications of their activities are a reduction in government revenue with further impacts on government debts and fiscal deficits as well as pressures on the exchange rate. Consequently, it is intensifying security, particularly ground and aerial surveillance, around oil facilities through the combined efforts of security agencies and local communities’ participation,” the document read partly. “These security forces under the National Executive Council Committee are being better equipped to checkmate the activities of oil thieves and pipeline vandals,” the MTEF read part. The Senate yesterday mandated its joint Committee on Finance and Appropriation to work on the MTEF and FSP and report back within two weeks. Senate President David Mark, told his colleagues that early conclusion of work on the document would enable the senate to determine early passage of the proposed 2015 budget.
Posted on: Fri, 17 Oct 2014 09:59:27 +0000
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