President Jonathan Proposes 4.2 Trillion 2011 Budget

President Jonathan Proposes 4.2 Trillion 2011 Budget
Obiora Ani, Abuja

Nigerian President Goodluck Jonathan has proposed 4.2 trillion Naira as the country's budget for 2011 fiscal year.

President Jonathan presented the estimates as the 2011 Appropriation Bill, to a joint session of the National Assembly in Abuja on Wednesday.

Of the amount, 196.1 billion Naira is for statutory transfer, 542.3 billion Naira is for Debt Services, 2,481.7 billion Naira is for Recurrent Non Debt Expenditure while One Thousand and Five point Nine billion Naira is for Capital Expenditure.

According to President Jonathan, the amount represents 8.1 percent contraction from the 5.5 trillion Naira appropriated by the 2010 amendment and supplementary budgets.

VON correspondent quotes the Nigerian President as saying that the 2011 budget is predicated on oil production of 2.3 million barrels per day, a Benchmark oil price of 65 Dollars per barrel and an exchange rate of 150 Naira to one Dollar.

Yinka