Nigeria: The President presents the 2013 Proposed Budget with emphasis on Education, and Security

The President of Nigeria presented the proposed budget for 2013.

It is worthwhile to note that it is proposed that all commercial aircraft and aircraft spare parts imported for use in Nigeria will now attract zero per cent duty and zero per cent Value Added Tax (VAT). This is to improve air safety and ensure that airline companies maintain their fleet with relative ease. It seems that the Dana Crash isn't going unnoticed (even though we are yet to see the accountability required of the Dana Group of Companies).

Allocation of the proposed budget is as follows: Education (N426.53 billion). Works (N183.5 billion), Power (N74.26 billion), Health (N279.23 billion), Defence (N348.91 billion), Police (N319.65 billion), and Agriculture and Rural Development (N81.41 billion).

The main highlights are:

N4.92 trillion
Proposed Federal Government’s expenditure for 2013, a modest increase by five per cent from that of N4.697 trillion for 2012.

N2.41 trillion - For recurrent (Non-Debt) expenditure, which reflected a reduction in recurrent spending from 71.5 per cent in 2012 to 68.7 per cent in 2013.

N1.54 trillion - For capital expenditure, representing an increase from 28.53 per cent in 2012 to 31.34 per cent in 2013.

N727 billion - What the Federal Government intends to borrow to finance its expenditure in 2013

2.53 million barrels per day - Daily oil production quota on which the Federal Government is basing the nation’s projected revenue earning.

$75 -  The controversial projection for oil price benchmark per barrel that is causing disagreement between the executive and the House of Representatives that is pushing for the adoption of $80 per barrel.

2.17% - The figure of GDP by which government plans to narrow the budget deficit in 2013, as against 2.85 per cent in 2012.

6.5% - Projected GDP growth for the 2013 fiscal year as against the 6.85 per cent contained in the Fiscal Strategy Paper. The revision was because of the negative impact the severe floods experienced in many parts of the country is expected to have on economic activities in 2013.

N100 billion - The Sinking Fund set aside for the repayment of government’s maturing debt obligations, which is also aimed at curbing the nation’s rising domestic debt profile.

It would be worthwhile to see the balance of payments account for Nigeria for 2012 so far in order to see what Nigeria is working with, but then, the Government does not seem to make transparency and accountability a priority.

check out the full article at: Education, Security Get Highest Votes in Proposed 2013 Budget,THISDAY LIVE