Nigeria Approves N4.9 Trillion Budget for 2013

Nigeria's Finance Minister Ngozi Okonjo-Iweala
Nigerian Finance Minister Ngozi Okonjo-Iweala

The Government of Nigeria is expected to spend the sum of N4.929 trillion under the 2013 budget even though it is projecting revenue of N3.891 trillion for the same period.

It has chosen $75 per barrel benchmark for the 2013 budget as against $72 in 2012 while projecting 2.48 million barrels per day production for the same period rather than the 2.3 million barrels per day upon which the 2012 budget was based.

Finance Minister Ngozi Okonjo-Iweala, who joined her counterparts Labaran Maku (Information), Mike Onolememen (Works), Chief Edem Duke (Culture and Tourism) and Dr. Olusegun Aganga (Trade and Investments), at briefing of State House correspondents after the meeting of the Federal Executive Council (FEC)meeting in Abuja, provided highlights of the 2013 budget. She also said that the council has approved the 2013 Fiscal Policy Framework as government seeks early submission of the 2013 budget to the National Assembly.

FEC considered a memorandum on the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy Paper which set the broad framework and priorities of the budget.

Okonjo-Iweala noted that while government was intensifying efforts to improve the implementation of the 2012 budget which she said was already at 41.3 percent implementation as at June 20, the 2013 budget proposal would be anchored on the key goal of the 2013-2015 Medium Term Framework, emphasizing “fiscal consolidation with growth and job creation.”

She said in order to achieve this, the resources of the country would be managed prudently and transparently while ensuring priority was given to the key growth sectors of the economy and national security.

Other decisions reached by the council included the award of contract for the Transaction Advisory Service for the improvement of Apakun-Murtala Muhammed Airport road under public private partnership scheme as well as that of Transactional Advisory Services for design, build, finance and operate on the 2nd Niger Bridge.