2009 BUDGET MAY COME OUT EARLY

With the return of President Umaru Yar' Adua from his trip to Saudi Arabia, there are strong indications that work on the 2009 Appropriation Bill will resume in earnest, to ensure presentation to the National Assembly in October. Already, the House of Representatives has expressed its readiness to ensure quick passage of the 2008 Appropriation Amendment Bill as soon as it resumes sitting this week, to clear the way for the new budget. Chairman, House of Representatives Committee on Rules and Business, Honorable Ita Enang, said the House will expedite action on the Supplementary Budget, and ensure that it adequately addresses issue of excess crude funds.Enang, while briefing newsmen over the weekend, disclosed that the House had received assurances that preparation of the 2009 Appropriation Bill had reached an advanced stage. He said presentation of the bill to the National Assembly in October would be an added advantage and guarrantee its quick passage. Asked why the National Assembly was still working on a supplementary budget when the new budget was almost ready, Enang said the 2008 Supplementary Budget became imperative, following the phenomenal rise in international price of crude oil, the main stay of the Nigerian economy. The National Assembly, he explained, used $59 per barrel as benchmark for the budget, while oil had been selling at between $105 and $150 per barrel at the international market. Enang said despite the controversy trailing passage of the 2008 Appropriation Amendment Bill, the House will pass the bill on Wednesday, September 10. The Senate and the House had been trading blames over who should be held responsible for delay in the passage the bill.



Source: ThisDay Newspaper