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Wednesday, 17 December 2014

Okonjo-Iweala Presents 2015 Budget to National Assembly

Nigeria's Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala has presented the 2015 budget estimate to be about N4.3trillion before the National Assembly.

Speaking at the 2015 budget proposal presentation in Abuja yesterday, the Coordinating Minister for the Economy and Minister of Finance warned Nigerians to prepare for tough times because of the fall in revenue to the nation's treasury to fund projects.

From next year the federal government has projected that it will realize N10.56 billion from surcharges on luxury goods in Nigeria.

According to Okonjo-Iweala, on specific measures to increase non-oil revenues and how it is expected to be boost the treasury, "a 10 per cent import surcharge would be imposed on new Private Jets which is estimated to yield about N3.7 billion in 2015; 39 per cent import surcharge on luxury Yachts which is estimated to potentially raise N1.6 billion in 2015; and 5 per cent import surcharge on luxury cars which is estimated to yield about N2.6 billion of additional  revenues."

The presentation was done separately before the Senate and the House of Representatives. There was no joint sitting of the two chambers which has been the tradition for budget presentations.

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