It said disparity in the benchmark by both chambers will undermine the budget if it is presented by the President.
The Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, who stated this at a press briefing in Abuja on Tuesday, also said it was wrong to say the President shunned the National Assembly and refused to present the budget.
Okupe said the budget was ready and that the President was ready to present it, but added that the disparity on the oil benchmark by the two chambers stopped its presentation.
He said, “For the purpose of clarity and for the benefit of ordinary Nigerians, a budget is fundamentally predicated on annual projected total accruable revenue to the country .
“In simple terms, and with reference to Nigeria and in view of the fact that the bulk of our expected annual revenue is fork the sake of crude oil, it follows therefore that the total volume of sale of crude oil in a year, multiplied by a projected a average crude oil price in the international market represents this bulk of our revenue.“
In the presentation of for the 2014 budget, and in accordance with projections in the 2014-2016 Medium Term Expenditure Framework, the Federal Government initially proposed a $74 per barrel for crude oil.
“However, in the course of further consultations, some understanding evolved around $76.5 per barrel on which the budget was prepared.”
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