The Minister of Finance, Ngozi Okonjo-Iweala, has presented a N4.3 trillion budget proposal for 2015 to the National Assembly.
The minister presented the proposals separately to the Senate and the House of Representatives Wednesday.
The 2015 budget is the lowest in four years, clearly informed by plunging oil revenues.
In the 2015 budget, the benchmark price for oil is $65 with a production figure of 2.27million barrels a day.
According to Mrs Okonjo-Iweala, the GDP growth of the country has been re-estimated from 6.35% to 5.5% for next year, which happens to be the best growth rates in the world.
She said the 2015 budget is focused on economy diversification.
“The key of the budget is focused on the diversification of the economy and it’s been working because food prices has not risen, inspite of the depreciation of the naira,” the minister said.
“If you check all around the market, you will discover that the average Nigerian is enjoying stable food prices and in some places like Enugu, you discover that the price of Harry has fallen.
“Inflation rate as estimated by the Nigerian bureau of statistics from 8.1% to 7.1%.
“We have made up for the fall of $13per barrel from $78 to $65 by raising more non-oil revenue through various types of taxes and policies.
“A surcharge is luxury goods is there plus additional tax effort to close leakages in revenues”, she said.
The senate adjourned till Tuesday, January 13 2015.
The senate president, David Mark, announced this shortly after Ngozi Okonjo-Iweala exited the chambers.
“The senate has been adjourned to January 13, 2015 to enable distinguished senators participate in political activities in their respective parties and to enable them spend Christmas with their families,” he said.