President Jonathan present budget of USD 29.3 billion

Nigeria's President Goodluck Jonathan Wednesday presented USD 29.3 billion federal budget in the country's National Assembly.

The budget was presented against the backdrop of an expected rise in the price of crude oil. Jonathan told the joint session that his government expects the price of crude to sell at USD 75 per barrel just as 2.53 million barrels would be pumped and sold each day.

The two chambers of the lower and upper parliament, the House of Representatives and Senate to whom the president read the budget vowed to ensure that there is high level of implementation.

The president said he anticipates a rise in the country's gross domestic product by 6.5 per cent in 2013.

Budget implementations in the country have been undermined by high level of corruption amongst public officers. After the presentation, Jonathan commenced on a tour of flood ravaged states of Kogi, Anambra, Delta, Bayelsa and Rivers after inaugurating a committee that would deliver relief materials to the victims of the inundation.

More than 150 persons have lost their lives in flood that has been described as the most destructive in the country's history this year. Source