2012 budget can't be signed now - Okonjo-Iweala 'Executive, legislature need to meet to reconcile differences

MINISTER of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, on Tuesday, gave reasons President Goodluck Jonathan is yet to assent to the 2012 Appropriation Bill recently passed by the National Assembly.He told State House correspondents after a National Economic Management Team meeting at the State House, Abuja, that government was studying the details because of the changes made by the legislature on the original estimates presented by the president.She revealed that the executive would meet with the leadership of the National Assembly on Thursday to find a common ground on the areas where there might be differences.Dr Okonjo-Iweala stated: 'What we are doing now is that the National Assembly just gave us the budget back about [a] few days ago and, of course, when they pass the budget, we have to look at the details because it is not always the same as the budget Mr President passed to the House.'So, we are doing that work; we are looking at the details. After looking at the details, we will have a meeting with the leadership of the National Assembly on Thursday to make sure that we reconcile and understand all the changes that may have been made and, after that, we will be ready to move on to the next step. That is where we are, doing the normal work.'Pressed to point out the specific areas of differences, the minister said an example was the crude oil benchmark eventually adopted by the lawmakers.According to her, 'obviously, the first one is the benchmark price that went from $70 to $72. We have looked at the analysis that it was used for, part of which was to reduce deficit, part of it for additional spending and we think this thing is okay.'We are still ending up with fiscal deficit that is reasonable and under three per cent and reduced debt. That is okay. But now, the details; most of the specific [Ministries, Department and Agencies] MDAs and how the budget may have changed, that is the step we are looking at now and that takes a little bit of time but we must do it because we want to make sure we have an implementable budget.'We are trying to speed up the work so that we will meet with the leadership of the National Assembly on Thursday.
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