FG benchmarks oil price at $77.5 for 2014

The Federal Government has benchmarked crude oil price for 2014 budget at $77.5 barrels per day (bpd), a departure from the $75bpd of crude projected for 2013.
Economy analysts do not expect much controversy from this level given the projected oil production of 2.3883mbpd for 2014.
The issue of oil benchmark generated a lot of furore between the executive and the legislature last year. The lawmakers wanted it pegged at $79pbd whereas the executive pegged it at $75bpd.
Presenting a budget tagged: “Budget of Job Creation” at the National Assembly, the Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said the Federal Government expected to collect a gross revenue of N3.29 trillion from non-oil revenue and is expected to make a total expenditure of N4.642 trillion for the year.
As 2015 election is fast approaching, the budget for Independent National Electoral Commission (INEC), slightly increased from N32 billion provisioned in 2013 to N45 billion for 2014.
The National Assembly’s allocation remained unchanged at N150 billion in
2014, same as allocated to it in 2013.
“The provision for debt service is N712 billion up from the 2013 level of N591.8 billion, while personnel cost increased slightly from the 2013 amendment budget provision of N1.718 trillion to N1.723 trillion for 2014. Capital expenditure is N1.100 trillion,” Okonjo-Iweala noted.