Overview Of The 2013 Budget ,By Dr. Ngozi okonjo-Iweala (PDF)
In spite of the turbulent global economic environment and changing global oil map, the Nigerianeconomy has been resilient, experiencing a robust growth in 2012 of 6.5 per cent compared with global growth of 3.2 per cent. Inflation is now down to single-digits at 9 percent in January 2013, compared with 12.6 percent in January 2012. Our fiscal deficit is on a downward trajectory, and below our threshold of 3 percent, while the exchange rate has remained stable.
Government is also building up the necessary savings to cushion the economy against a possible global recession or collapse of oil prices. For instance, the balance in the excess crude account has increased from $4.22 billion in August 2011 to about $9 billion at the end of 2012. In addition, we have launched Nigeria’s Sovereign Wealth
Download Okonjo-Iweala’s overview here (PDF)
In Graphic Pictures:FGN 2013 Budget:Fiscal Consolidation with Inclusive Growth ,By Dr. Bright Okogu (pdf)
..2013 Budget prepared against backdrop of challenging global economy
. Transmission mechanism of global uncertainty to economy is mainly through lower demand and pressure on oil price and also, FDI, PIs and remittances
. Budget aimed at promoting fiscal consolidation and engendering real growth n Government determined to focus more on gearing expenditure towards capital projects and programmes
.Focus remains job creation, economic diversification and provision of enabling environment for sustainable growth
. The growing wage bill remains a critical challenge to the budget
. The SURE-P vehicle continuing to supplement main budget to deliver the promises of government in social and infrastructure areas
Download Okogu’s presentation here PDF
