Minister of Finance and coordinating Minister of the economy, Dr Ngozi Okonjo Iweala has presented the breakdown of the 4.357 trillion Naira 2015 budget. She stated that the proposition of the budget is to diversify the economy, rather than to depend only on the crude oil as the nation's source of revenue.
She said that an additional charge of 10 percent shall be placed on luxury goods, like champagnes, wines, spirits which are expected to generate about 2.3 billion Naira, while the revenue that will be accrued from the charge on private jets shall amount to about 3.7 billion Naira. While owning of mansions within the Federal Capital Territory (FCT) shall generate about 300 to 360 million.
That is to say in essence that about the sum of 10.56 billion Naira will be generated from the additional charges placed on these luxury goods, which shall be injected into the economy to boost it.
The Finance Minister also stated that the Federal Government has agreed that crude oil price benchmark shall be kept at $65 per barrel, which amounts to 13% drop from the $75 per barrel it was selling for before. The bill also has provision for 100 billion naira for SURE-P.
She finally said that the FG will not borrow to cushion the effect of this oil windfall which may have affected the economy drastically, but will do everything possible through these measures mapped out already to get things back to normalcy.
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