Reps begin 2015 budget consideration Wednesday

The members of the House of Representatives will start consideration of the 2015 budget on Wednesday.

The Speaker, Aminu Tambuwal, on Tuesday said the budget would be given accelerated consideration alongside the petroleum Industry Bill (PIB) and the proposed amendment to the Electoral Act.

Tambuwal said the budget which was laid at the National Assembly on December 17 last year by the Minister of Finance, Ngozi Okonjo-Iweala, was brought late.

There were however possibilities that the lawmakers may reduce the 2015 budget benchmark to $40 against the $65 the Federal Government proposed in the budget.

This is to align the country’s budget projection with current realities because of the continuous slide of the crude oil price in the international market.

Crude oil price has long fallen below $50 per barrel.

Though Tuesday’s Order Paper listed the budget for consideration and second reading, it was eventually deferred after the Majority Leader of the House, Mulikat Akande-Adeola, presented it for consideration.

However, the Deputy Leader, Leo Ogor, while speaking with reporters, said the decline in the price of crude oil at the international market has delayed the consideration of the Medium Term Expenditure Framework,

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