‎Okonjo-Iweala presents 2015 budget on Wednesday

Ngozi Okonjo-Iweala, the coordinating minister of the economy and minister of finance, would present the 2015 budget before the senate on Wednesday.

During plenary on Tuesday, David Mark, the senate president, read out letters from President Goodluck Jonathan, requesting audience for the presentation of the budget and seeking approval for the revised Medium Term Expenditure Framework (MTEF).

“I write to request that the distinguish senate‎ grants the minister of finance the slot of 11am on Wednesday to enable her lay before you the 2015 budget estimates,” the president wrote.

The national assembly must approve the MTEF before the budget is passed but as at the time of filing this report, the senate had not approved the request, meaning the budget might be delayed.

The president noted that the revised MTEF was not sent in earlier because of the instability in the global oil market.

Jonathan also put the price oil at $65 per barrel, saying that adjustments could be made if the global price of oil f‎ell further.

The budget would be predicated on the oil benchmark.