President Jonathan submitting the 2013 budget on Wednesday
President Goodluck Jonathan today submitted a N4.92 trillion budget for the year 2013 to a joint session of the National Assembly.
The President also stuck to $75 per barrel as the oil benchmark for the budget against the current of about 90 dollars per barrel in the international market.
Highlights
- Breakdown of the budget shows that N1.54 trillion is for Capital Expenditure, N2.41 trillion for Recurrent (Non-Debt) Expenditure, N380.02 billion for Statutory Transfers and N591.76 billion for Debt Servicing.
- The ministry of education is to get the highest budgetary allocation of N426.53 billion, followed by Defence – N348.91 billion; Police – N319.65 billion; Health – N279.23 billion; Works – N183.5 billion; Agriculture & Rural Development – N81.41 billion and Power - N74.26 billion.
- The budget is predicated on key assumptions including; fiscal deficit- 2.17% of GDP, Benchmark oil price of-US$75/barrel, Projected GDP growth-estimated at 6.5% and Oil production of 2.53 million barrels per day.
While presenting the 2013 budget of N4.92 trillion, President Jonathan stated that an oil price benchmark of 75 dollars per barrel had been set as one of the financial indices of the budget.
But in his reaction, Speaker of the Federal House of Representatives Aminu Waziri Tambuwal says the National Assembly has resolved to peg the benchmark of oil price at 80 dollars per barrel. The additional 5 dollars per barrel, he says, would be used to finance local manufacturing.
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