Departments in the North's Executive have a total of stg£14.1bn to spend this year after the budget was passed unanimously today.
MLAs approved plans to draw down the second batch of money from the UK Treasury, worth £7.9bn. The two-stage process was introduced because of the transition from direct rule in March and allows departments to continue functioning until next March.
Stephen Farry of the Alliance Party said the economics resembled those of a communist state.
Department of Finance and Personnel's own draft regional economic strategy puts Northern Ireland's allocation of gross domestic product on public spending at over 70 per cent," he said.
"This is a figure well out of line with most western European social democracies, and historically some communist states, never mind the rest of the world. In fact, this situation has actually become worse rather than better since devolution in 1999."
Ministers will have to make savings to compensate for over-budgeting of around £150m under the allocation plan.
And Finance Minister Peter Robinson said that could mean the number of Assembly members and government departments could be slashed as part of a wider review of public bureaucracy.
Mr Robinson said during a debate on the budget that funds are being spent to uphold an expensive bureaucracy that "could be going into frontline services".
"It is in the interests of those that we represent that we cut out a lot of not just the red tape but the bureaucrats from the system to ensure that the money is spent in the best possible way," Mr Robinson said.
"Some people would say this is the most important issue affecting the planet. There's absolutely nothing to excite any green issue," he said.
The UUP's Roy Beggs stressed the need for fiscal prudence and Mr Robinson's party colleague said politicians needed to draw back from "pork-barrel" politics and throwing money at pet projects.
He said there was a compelling argument to increase the efficiency targets and make more for the executive to spend on priorities.
"I believe that through the responsible management of our public finances and not populist publicity grabbing we can build for the long term in this country," he said.
The SDLP's Declan O'Loan said: "We need to say to the public that there is a big programme for delivery this year, but it will be largely along the lines already drawn."
A total of three SDLP speakers called for more money for social housing, a coincidence which Finance minister Peter Robinson said was not surprising considering colleague and Social Development Minister Margaret Ritchie's call for more funds for affordable housing.
Martina Anderson of Sinn Féin also called for more money to be set aside for the disadvantaged, while Brian Wilson of the Green Party said environmental policies should be at the top of the spending priorities.