After several postponements, the Nigerian President Umaru Musa Yar'Adua presented a proposed budget of N2,870,510,042,679 for the fiscal year 2009 to a joint session of the National Assembly yesterday in Abuja.

The 2009 budget is some 8.42 per cent higher than that of 2008 which stood at a total of N2.64tn.

Nigeria's economy is oil-driven as over 90 per cent of the country's earnings come from the sale of crude oil. With the dwindling fortunes from oil revenue, the 2009 budget is based on a benchmark of $45 per barrel of crude oil.

A breakdown of figures reveals that the largest chunk of N361.2bn was allocated for critical infrastructure viz: Power N88.5bn, Petroleum Resources N26.5bn, Works N129.3bn, Transport N35.2bn, Federal Capital Territory infrastructure N64.45bn.

Others include: Agriculture and Water Resources N91.8bn, Security N67bn, Niger Delta N77.12bn, Health N39.6bn, Education N33.6bn, Millennium Development Goals Conditional Grants N32.6bn, MDGs Quick Wins Projects N19.7bn, N6.3bn for MDGs Capacity Building while N283.6bn goes to service the country's debts.

The president also announced a check on international travel by government officials.

“Excessive expenditure on international travels and training has been curbed by 50 per cent with expenditure on local travels slashed by 25 per cent. Recurrent expenditure on personnel costs will also be controlled with the full deployment of IT, by way of the Integrated Personnel and Payroll Information System, to all MDAs."

“However, we remain committed to reverting to a more conservative and sustainable fiscal deficit of three per cent, or lower, in the medium term, consistent with international best practice.

“Monetary policy in the medium term will be focused on continuing efforts at managing inflation within a single-digit and keeping interest rates at appropriate levels using the present market-determined monetary management system."

“Payments for goods and services will be discharged through the e-payment system to increase efficiency and reduce avenues for corruption.”

“We are committed to maintaining an appropriate exchange rate, and taking necessary steps to manage the volume of money supply through the Central Bank’s open market operations,”

How to stop election rigging is one of the core issues facing the country. Many Nigerians yearn for a system that will give Nigerians in the diaspora the opportunity to vote in elections.

Nigerians are still battling with the carnage that followed last weekend's local government elections in Jos, Plateau State where over 300 people lost their lives.