Finally, Jonathan Signs 2012 Budget

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Four weeks after the National Assembly passed a N4.8 trillion budget, President Goodluck Jonathan, today, in Abuja signed the 2012 budget thereby drawing curtain on the rising drama the non-signage of the budget has been causing.

Jonathan at the budget signing ceremony expressed his gratitude to members of the National Assembly for their cooperation in preparing the budget which he said served as a stepping stone in his administration’s mid-term developmental plan.

He disclosed that the total Federal Government revenue forecast is N3.561 trillion based on a Benchmark Oil Price of US$72 per barrel, which is US$2 higher than the initial proposal of US$70 per barrel.

The President also revealed that the initial 2012 Budget Proposal of  N4.749 trillion assumed full deregulation of the downstream petroleum sector. He however said, after listening to the voice of Nigerians, he opted for partial subsidy removal which led to the review of the budget’s revenue and expenditure.

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