My Naija News - Yar'Adua Proposes N181bn Cut in Expenditure

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Yar'Adua Proposes N181bn Cut in Expenditure

Written by Adeleke Afolayan

Friday, 04 July 2008

President Umar Yar'Adua has proposed a N181b cut in the government's spending for the year while presenting an amendment bill to replace the Appropriation Act passed earlier in the year by the Senate.

N2.748b had earlier been earmarked as total expenditure but that would go down to N2.567b should the President's proposal receive the approval of the National Assembly.

originally, President Yar'Adua had in November 2007 tabled to the National Assembly N2.3b as total expenditure but the figure was increased to N2.8b by the legislature in February this year before it was reduced to N2.748b a month later.

According to him, the changes were consistent with the Seven Point Agenda of his administration which focuses on the provision of infrastructure, particularly in the Energy and Transportation sectors and the Federal Capital Territory as well as Food Security, Defence and Security.

President Yar'Adua added that the decrease in expenditure would promote economic growth and improve service delivery to the people within teh realm of a stable macroeconomic environment.

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