FG To Send Proposal To NASS For 2013 Budget Amendment Says Finance Minister

The Federal government will next week send a proposal to the National Assembly for the amendment of the 2013 budget.

The Finance and coordinating Minister for the Economy,Ngozi Okonjo-Iweala gave the indication Thursday in Abuja at a press briefing on the 2013 Federal budget.

She said the reason for the decision was to enable the Executive correct the three contentious issues that led to the delay in President Goodluck Jonathan assent to budget.

The minister however highlighted the main challenges as reductions in the wage bill,re-allocation of major capital projects and the re-allocation of budget for the SURE-P programme.

Dr Okojo-Iweala who denied allegation that the delay was a ploy to scoop money for the 2015 general elections,said the first capital allocation will be released next week to ministries,departments and agencies.

At the presentation of the budget,Director general,Budget office of the federation,Bright Okogu stated that government has sustained its policy of re-balancing expenditure in favour of capital investment over the medium term.

He said the share of recurrent spending in total expenditure has reduced from seventy-seven point four percent in 2011 to sixty-seven point five in 2013.

Okogwu added that the capital spending as a share of total expenditure has increased from twenty-five point six percent in 2011 to thirty two point five in 2013.

The theme for the 2013 budget is Fiscal consolidation with inclusive growth.