By Peter OBIORA InvestAdvocate

Goodluck Ebele Jonathan, President of the Federal Republic of Nigeria Tuesday proposed a N4.749 trillion budget to the Nigerian National Assembly in Abuja Nigeria.

In a live coverage monitored by www.investadvocateng.com, the N4.749 trillion budget is an increase in overall spending from year 2011.

Jonathan affirms that spending would rise from the N4.48 trillion in 2011; but recurrent expenditure would fall to 72 percent (72%) of the budget from 74.4% in year 2011as Nigeria’s Government budgets more funds on capital expenditure.

He further affirmed that year 2012 spending plan would be based on a benchmark oil price of $70 per barrel and production of 2.48 million barrels per day respectively.

Exchange rate of N155 to the U.S. dollar, average inflation of 9.5 percent and Gross Domestic Product (GDP) growth of 7.2%.

President Jonathan also told Nigerian Law Makers that this budget is aimed at providing jobs for Nigerian and encouraging Entrepreneurs.

Also, by March 2011, there would be a ban on importation of Wheat in order to encourage the use of cassava for production of bread and other consumptions.