Before departing Nigeria for Saudi, the president forwarded copies of the proposed 2010 budget to David Mark, president of the Senate and Dimeji Bankole, speaker of the House of Representative, thus putting to rest the feud between the two chambers of the National Assembly over where to present the budget.
The row arose over the chamber to be used by the president for the presentation of the 2010 budget estimate at a joint sitting. After failed efforts by the national leadership of the People’s Democratic Party (PDP) and its Elders’ Committee to broker peace, President Yar’Adua yesterday informed the leadership of both chambers he would be sending his National Assembly adviser, Mohammed Aba-Aji to lay the budget today before each house.
This is the second time this year that the president would be going to the Kingdom of Saudi Arabia for scheduled medical check-up, the first one been in August when he also performed the lesser hajj.
The superiority row between the two chambers may have unwittingly paved the way for the president to comply with section 81 (1) of the constitution which states “The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial yearâ€
Eseme Eyibo, chairman House of Representatives Committee on Information who disclosed this a telephone interview with newsmen yesterday in Abuja, said he can authoritatively confirm that the National Assembly will receive the draft copy of the Appropriation Bill for the 2010 fiscal year today.
According to him, “in substantial compliance with section 81 of the 1999 Constitution, I can confirm to you that the Appropriation Bill for the 2010 fiscal year will be laid before the National Assembly by President Umaru Yar’Adua today.â€
A statement by Olusegun Adeniyi, special adviser on media and publicity to the president, said the president while in the Kingdom of Saudi Arabia will call on his personal physician for a medical check up. However, the statement did not say how long President Yar’Adua will be away.
The presentation was postponed indefinitely on Thursday last week, following a disagreement between the House of Representatives and Senate over the venue for the joint sitting by both houses of the National Assembly.
The presentation was shifted to allow the feuding lawmakers sort themselves out as the Presidency diplomatically avoided being dragged into the disagreement which has continued to attract condemnations from a wide spectrum of the society.
The latest draft suggests the president will propose aggregate spending of N4.07 trillion ($27 billion), a sharp rise which would push the country’s deficit to 4.87 percent of GDP, one source who was at the meeting said.
The source said the rise in spending was due to higher proposed capital expenditure of 1.37 trillion naira, funds meant largely for development projects in the Niger Delta and to rehabilitate the ailing power sector, as well as to help stimulate the broader economy. The benchmark oil price would be set at $57 per barrel, although government sources said they expected the National Assembly to favour lifting that figure to $60.
Oil production is assumed at 2.088 million barrels per day while the spending plans are based on an exchange rate of N150 to the dollar, the source said.
Economic growth is seen at 6.1 percent and headline inflation at 11.2 percent, according to the draft figures.
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Money Banking & Finance N/Assembly receives 2010 budget today
Money Banking & Finance N/Assembly receives 2010 budget today
N/Assembly receives 2010 budget today
•Yar’Adua leaves for medical check up in Saudi Arabia
President Umaru Yar’Adua yesterday left the country for the Kingdom of Saudi Arabia for a follow-up medical check up fortuitously providing a soft landing for the two arms of the National Assembly that has been embroiled in a supremacy contest.
Before departing Nigeria for Saudi, the president forwarded copies of the proposed 2010 budget to David Mark, president of the Senate and Dimeji Bankole, speaker of the House of Representative, thus putting to rest the feud between the two chambers of the National Assembly over where to present the budget.
The row arose over the chamber to be used by the president for the presentation of the 2010 budget estimate at a joint sitting. After failed efforts by the national leadership of the People’s Democratic Party (PDP) and its Elders’ Committee to broker peace, President Yar’Adua yesterday informed the leadership of both chambers he would be sending his National Assembly adviser, Mohammed Aba-Aji to lay the budget today before each house.
This is the second time this year that the president would be going to the Kingdom of Saudi Arabia for scheduled medical check-up, the first one been in August when he also performed the lesser hajj.
The superiority row between the two chambers may have unwittingly paved the way for the president to comply with section 81 (1) of the constitution which states “The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial yearâ€
Eseme Eyibo, chairman House of Representatives Committee on Information who disclosed this a telephone interview with newsmen yesterday in Abuja, said he can authoritatively confirm that the National Assembly will receive the draft copy of the Appropriation Bill for the 2010 fiscal year today.
According to him, “in substantial compliance with section 81 of the 1999 Constitution, I can confirm to you that the Appropriation Bill for the 2010 fiscal year will be laid before the National Assembly by President Umaru Yar’Adua today.â€
A statement by Olusegun Adeniyi, special adviser on media and publicity to the president, said the president while in the Kingdom of Saudi Arabia will call on his personal physician for a medical check up. However, the statement did not say how long President Yar’Adua will be away.
The presentation was postponed indefinitely on Thursday last week, following a disagreement between the House of Representatives and Senate over the venue for the joint sitting by both houses of the National Assembly.
The presentation was shifted to allow the feuding lawmakers sort themselves out as the Presidency diplomatically avoided being dragged into the disagreement which has continued to attract condemnations from a wide spectrum of the society.
The latest draft suggests the president will propose aggregate spending of N4.07 trillion ($27 billion), a sharp rise which would push the country’s deficit to 4.87 percent of GDP, one source who was at the meeting said.
The source said the rise in spending was due to higher proposed capital expenditure of 1.37 trillion naira, funds meant largely for development projects in the Niger Delta and to rehabilitate the ailing power sector, as well as to help stimulate the broader economy. The benchmark oil price would be set at $57 per barrel, although government sources said they expected the National Assembly to favour lifting that figure to $60.
Oil production is assumed at 2.088 million barrels per day while the spending plans are based on an exchange rate of N150 to the dollar, the source said.
Economic growth is seen at 6.1 percent and headline inflation at 11.2 percent, according to the draft figures.
Before departing Nigeria for Saudi, the president forwarded copies of the proposed 2010 budget to David Mark, president of the Senate and Dimeji Bankole, speaker of the House of Representative, thus putting to rest the feud between the two chambers of the National Assembly over where to present the budget.
The row arose over the chamber to be used by the president for the presentation of the 2010 budget estimate at a joint sitting. After failed efforts by the national leadership of the People’s Democratic Party (PDP) and its Elders’ Committee to broker peace, President Yar’Adua yesterday informed the leadership of both chambers he would be sending his National Assembly adviser, Mohammed Aba-Aji to lay the budget today before each house.
This is the second time this year that the president would be going to the Kingdom of Saudi Arabia for scheduled medical check-up, the first one been in August when he also performed the lesser hajj.
The superiority row between the two chambers may have unwittingly paved the way for the president to comply with section 81 (1) of the constitution which states “The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial yearâ€
Eseme Eyibo, chairman House of Representatives Committee on Information who disclosed this a telephone interview with newsmen yesterday in Abuja, said he can authoritatively confirm that the National Assembly will receive the draft copy of the Appropriation Bill for the 2010 fiscal year today.
According to him, “in substantial compliance with section 81 of the 1999 Constitution, I can confirm to you that the Appropriation Bill for the 2010 fiscal year will be laid before the National Assembly by President Umaru Yar’Adua today.â€
A statement by Olusegun Adeniyi, special adviser on media and publicity to the president, said the president while in the Kingdom of Saudi Arabia will call on his personal physician for a medical check up. However, the statement did not say how long President Yar’Adua will be away.
The presentation was postponed indefinitely on Thursday last week, following a disagreement between the House of Representatives and Senate over the venue for the joint sitting by both houses of the National Assembly.
The presentation was shifted to allow the feuding lawmakers sort themselves out as the Presidency diplomatically avoided being dragged into the disagreement which has continued to attract condemnations from a wide spectrum of the society.
The latest draft suggests the president will propose aggregate spending of N4.07 trillion ($27 billion), a sharp rise which would push the country’s deficit to 4.87 percent of GDP, one source who was at the meeting said.
The source said the rise in spending was due to higher proposed capital expenditure of 1.37 trillion naira, funds meant largely for development projects in the Niger Delta and to rehabilitate the ailing power sector, as well as to help stimulate the broader economy. The benchmark oil price would be set at $57 per barrel, although government sources said they expected the National Assembly to favour lifting that figure to $60.
Oil production is assumed at 2.088 million barrels per day while the spending plans are based on an exchange rate of N150 to the dollar, the source said.
Economic growth is seen at 6.1 percent and headline inflation at 11.2 percent, according to the draft figures.