Budgeting: Senate Seeks To Merge Finance Ministry, Planning Commission

In the aftermath of the budget crises between the executive and the National Assembly over the 2013 Budget, the Senate has moved to reduce the role of the federal Ministry of Finance in the budgeting process.

A federal lawmaker, Senator Olubunmi Adetunmbi, on Thursday, sponsored a motion which would make budget making a joint responsibility of the Budget Office and National Planning Commission.

‘FG spends N52.5bn on fuel subsidy monthly’

THE Federal Government has disclosed that gas flaring will end in 2012, as it spends a whopping $350 million monthly on petroleum subsidy.

Mr Chime Ibenechie, Managing Director of the Nigeria Liquefied Natural Gas (NLNG), speaking at the opening ceremony of the fourth annual conference of the Nigerian Association for Energy Economics, which began, on Thursday, in Abuja, disclosed that the government spends, on a monthly basis, a whopping $350 million on fuel subsidy

Disclosing that this is quite unacceptable, Ibenechie said the huge money spent on fuel subsidy could be deployed in other areas of needs, such as the provision of infrastructure and gas projects.

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