The Presidency has consented to the movement by the National Assembly of the benchmark for oil price for the 2012 budget from $70 per barrel to N72 per barrel.
The Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed this when she spoke with newsmen after the meeting of the Economic Management Team presided over by President Goodluck Jonathan.
Okonjo-Iweala said the only thing delaying the signing into law of the 2012 Appropriation Bill is the need for the Federal Government to study the amendments made to the proposal by the National Assembly.
She said: “What we are doing now is that the National Assembly just gave us the budget back about 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.”
Explaining further the specifics about the changes that could have been effected, Okonjo-Iweala said: “Obviously, the first one is the benchmark price that went from $70 to $72, which we have looked at the analysis that was used for it, part of it 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 reduce debt, that is okay.
“But now, the details, most of the specific 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 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.”