2014 Federal Government budget proposal
18:53:00
The centralized yesterday conferred 2014 Federal Government budget proposal of N4.6 trillion for the 2014 financial year to the National Assembly. The projected budget christened ‘Budget for Job Creation and Growth’ represents N100 billion reduction from the N4.7 trillion that was budgeted for this year.
Capital expenditure is projected at N1.1 trillion representing twenty seven.29 per cent, down from thirty one.9 per cent within the current year. The reduction in cost was attributed to hyperbolic allocation to pension and high wage bill. The N4.6 trillion expenditure is to be supported from budgeted revenue of N3.37 billion, whereas the balance can return from N571 billion debt.
BUDGET 2014: Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala giving birth the 2014 Budget Proposal before the Senate in capital of Nigeria, yesterday. Photo: NAN.
The budget is predicated on oil value of $77.5 per barrel and crude production of a pair of.38 million barrels per day(bpd) with a median rate of exchange of N160 per dollar.
The budget was conferred by the Minister of Finance and Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala United Nations agency painted President dessert apple. although she didn't clarify of the budget and therefore the quantity for the continual expenditure, highlights of the projected budget were but later free by the Ministry of Finance.
Speaking to Journalists once presenting the budget, Dr. Okonjo-Iweala aforementioned that the mixture expenditure of N4.6 trillion excludes the grant Reinvestment Expenditure Programme, SURE-P.
She said, “I felt terribly privileged, it’s associate honour that man. President has asked Maine to hold out this task in conjunction with my colleagues within the cupboard, and in fact, the Director General of the Budget workplace supported Maine to do this nice honour.
“This budget is that the take into account Job Creation and Inclusive Growth, which means that it’s a budget which is able to continue the President’s transformation agenda for many sectors of the economy. The budget goes to support the push in agriculture.
“It can kick-start the housing sector wherever we tend to will produce a lot of jobs, it's designed for our policies that might support producing as a result of jobs would be created there. Industries can conjointly be created in solid minerals sector. of these support can still be unleashed. Job creation is that the key to actually solving the issues of the Nigerian economy.
“Aggregate expenditure excluding positive – P funds is concerning N4.6 trillion and the revenue is concerning N3.73 trillion. The capital is concerning N1.1 trillion and makes up concerning twenty seven % of the budget, the balance in fact is that the continual, and it's concerning seventy two % of the budget.”
The Minister explained that the identifying feature between the 2013 budget which of the 2014 budget was the main target the govt had in continuation of the 2013 budget particularly on the world of job creation for the youths and secure that the govt wasn't about to soften in pushing forward.
She said, “All the programmes that make jobs area unit okay supported, the positive -P is additionally a part of it, community services programmes would be pushed, the You-Win programme would be pushed.”
The Minister more aforementioned that the govt would pursue smartly infrastructural development.
“The infrastructure development is an element of it, the Hon Minister of Transport is here, we've got been functioning on rail development. Ministry of Niger Delta is additionally a part of the infrastructure development, Water resources, FCT development so on.
“We have privatised power however we'll be functioning on the transmission to direct resources there. The identifying issue is that it’s a continuation of what we've got done before however with a lot of stress on very pushing out jobs and conjointly supporting safety nets which will more distribute financial gain to poor individuals within the country.”
HIGHLIGHTS:
Baseline Assumptions
Baseline Assumptions
*Benchmark Oil Price: $77.5pb
*Budgeted Oil Production: a pair of.3883mbpd
*Average Exchange Rate: N160/$, same as in 2013
*Real GDP Growth Rate: six.75%
Revenue Projections
*Gross Federally Collectible Revenue: N10.88 trillion
*Gross Federally Collectible Oil & Gas Revenue: N7.16 trillion
*Total deductions, together with price of crude production, grant payments, and domestic gas development is N2.15 trillion, same as in 2013.
*Subsidy payments were maintained at the 2013 level of N971.1 billion.
*Gross Federally Collectible Non-Oil Revenue: N3.29 trillion
*FGN Budget Revenue: N3.73 trillion
Expenditure Projections
*Aggregate Expenditure (Net of SURE-P): N4.642 trillion
*Aggregate Expenditure (Inclusive of SURE-P): N4.910 trillion
*Statutory Transfers: N399.7 billion
*INEC’s expenditure is to extend from the N32 billion provisioned in 2013 to N45 billion. this can be to change the Commission intensify preparations towards the 2014 elections.
*National Assembly’s allocation is to be maintained at the 2013 level of N150 billion.
*The provision for debt service is N712 billionfrom the 2013 level of N591.8 billion.
*Recurrent (non-debt) Spending: N2.43 trillionfrom N2.80 trillion in 2013
*Personnel price hyperbolic slightly from the 2013 change Budget provision of N1.718 trillion to N1.723 trillionfor 2014.
*Capital Expenditure: N1.100 trillion
lShare of Capital in total Expenditure: twenty seven.29%down from thirty one.9% in 2013 reflective the hyperbolic allocation to pension likewise as high wage bill
*Share of continual in total Spending: seventy two.71%
*Provision for SURE-P: N268.37 billion
Fiscal Balance
*Fiscal Deficit: N911.96 billion
*Fiscal Deficit as share of GDP: one.90
*New Borrowing Requirement: N571 billion, a decrease from N577 billion in 2013
Capital expenditure is projected at N1.1 trillion representing twenty seven.29 per cent, down from thirty one.9 per cent within the current year. The reduction in cost was attributed to hyperbolic allocation to pension and high wage bill. The N4.6 trillion expenditure is to be supported from budgeted revenue of N3.37 billion, whereas the balance can return from N571 billion debt.
BUDGET 2014: Minister of Finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala giving birth the 2014 Budget Proposal before the Senate in capital of Nigeria, yesterday. Photo: NAN.
The budget is predicated on oil value of $77.5 per barrel and crude production of a pair of.38 million barrels per day(bpd) with a median rate of exchange of N160 per dollar.
The budget was conferred by the Minister of Finance and Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala United Nations agency painted President dessert apple. although she didn't clarify of the budget and therefore the quantity for the continual expenditure, highlights of the projected budget were but later free by the Ministry of Finance.
Speaking to Journalists once presenting the budget, Dr. Okonjo-Iweala aforementioned that the mixture expenditure of N4.6 trillion excludes the grant Reinvestment Expenditure Programme, SURE-P.
She said, “I felt terribly privileged, it’s associate honour that man. President has asked Maine to hold out this task in conjunction with my colleagues within the cupboard, and in fact, the Director General of the Budget workplace supported Maine to do this nice honour.
“This budget is that the take into account Job Creation and Inclusive Growth, which means that it’s a budget which is able to continue the President’s transformation agenda for many sectors of the economy. The budget goes to support the push in agriculture.
“It can kick-start the housing sector wherever we tend to will produce a lot of jobs, it's designed for our policies that might support producing as a result of jobs would be created there. Industries can conjointly be created in solid minerals sector. of these support can still be unleashed. Job creation is that the key to actually solving the issues of the Nigerian economy.
“Aggregate expenditure excluding positive – P funds is concerning N4.6 trillion and the revenue is concerning N3.73 trillion. The capital is concerning N1.1 trillion and makes up concerning twenty seven % of the budget, the balance in fact is that the continual, and it's concerning seventy two % of the budget.”
The Minister explained that the identifying feature between the 2013 budget which of the 2014 budget was the main target the govt had in continuation of the 2013 budget particularly on the world of job creation for the youths and secure that the govt wasn't about to soften in pushing forward.
She said, “All the programmes that make jobs area unit okay supported, the positive -P is additionally a part of it, community services programmes would be pushed, the You-Win programme would be pushed.”
The Minister more aforementioned that the govt would pursue smartly infrastructural development.
“The infrastructure development is an element of it, the Hon Minister of Transport is here, we've got been functioning on rail development. Ministry of Niger Delta is additionally a part of the infrastructure development, Water resources, FCT development so on.
“We have privatised power however we'll be functioning on the transmission to direct resources there. The identifying issue is that it’s a continuation of what we've got done before however with a lot of stress on very pushing out jobs and conjointly supporting safety nets which will more distribute financial gain to poor individuals within the country.”
HIGHLIGHTS:
Baseline Assumptions
Baseline Assumptions
*Benchmark Oil Price: $77.5pb
*Budgeted Oil Production: a pair of.3883mbpd
*Average Exchange Rate: N160/$, same as in 2013
*Real GDP Growth Rate: six.75%
Revenue Projections
*Gross Federally Collectible Revenue: N10.88 trillion
*Gross Federally Collectible Oil & Gas Revenue: N7.16 trillion
*Total deductions, together with price of crude production, grant payments, and domestic gas development is N2.15 trillion, same as in 2013.
*Subsidy payments were maintained at the 2013 level of N971.1 billion.
*Gross Federally Collectible Non-Oil Revenue: N3.29 trillion
*FGN Budget Revenue: N3.73 trillion
Expenditure Projections
*Aggregate Expenditure (Net of SURE-P): N4.642 trillion
*Aggregate Expenditure (Inclusive of SURE-P): N4.910 trillion
*Statutory Transfers: N399.7 billion
*INEC’s expenditure is to extend from the N32 billion provisioned in 2013 to N45 billion. this can be to change the Commission intensify preparations towards the 2014 elections.
*National Assembly’s allocation is to be maintained at the 2013 level of N150 billion.
*The provision for debt service is N712 billionfrom the 2013 level of N591.8 billion.
*Recurrent (non-debt) Spending: N2.43 trillionfrom N2.80 trillion in 2013
*Personnel price hyperbolic slightly from the 2013 change Budget provision of N1.718 trillion to N1.723 trillionfor 2014.
*Capital Expenditure: N1.100 trillion
lShare of Capital in total Expenditure: twenty seven.29%down from thirty one.9% in 2013 reflective the hyperbolic allocation to pension likewise as high wage bill
*Share of continual in total Spending: seventy two.71%
*Provision for SURE-P: N268.37 billion
Fiscal Balance
*Fiscal Deficit: N911.96 billion
*Fiscal Deficit as share of GDP: one.90
*New Borrowing Requirement: N571 billion, a decrease from N577 billion in 2013
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