President Goodluck Jonathan, today, presented a total expenditure of N4.92 trillion for the 2013 fiscal year before a joint session of the National Assembly, in Abuja.
In the budget proposal, recurrent expenditure was put at N2.41 trillion while N1.54 trillion will be spent on capital projects.
Some key allocations in the budget proposal include:
Works – N183.5 billion;
Power – N74.26 billion;
Education – N426.53 billion;
Health – N279.23 billion;
Defence – N348.91 billion;
Police – N319.65 billion;
Agriculture & Rural Development – N81.41 billion.
Read the full budget speech:
1. It is my pleasure and honour to present the 2013 Federal Budget Proposal before this esteemed Joint Session of the National Assembly. I am particularly delighted to present this Proposal to you earlier in the year, and soon after the commemoration of our national independence, to signal our commitment to evolving a new Nigeria. This Proposal is the product of extensive consultations with key stakeholders and would further translate the Government’s development plans into concrete actions.
2. When I presented the 2012 Budget, you will recall, I emphasized the fact that it would be “a stepping-stone to the transformation of our economy and country in our walk to economic freedom …”. I am glad to report that we have made progress in this regard. Today, in the face of critical resource constraints, the defining moment of our work is in actualizing our promises to Nigerians. We need to create a structured economy where everybody plays by the same rules, and contributes their fair bit. That is the Nigeria our heroes past craved for; that is the Nigeria we believe in; and that is the Nigeria we are building together.
GLOBAL ECONOMIC DEVELOPMENTS
3. As we build this nation and walk the path of development, we must be mindful of the realities of our circumstances and those of the changing global economy. This Budget Proposal was therefore designed against the backdrop of global economic uncertainty. By the end of the second quarter of this year, the global economy was recovering but at a very slow pace. Growth in a number of major emerging market economies, has been lower than forecast. Overall, global growth is projected at 3.3% in 2012 and 3.6% in 2013.
SOURCE: Vanguard Nigeria