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
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
.Focus remains job creation, economic diversification and provision of enabling environment for sustainable growth
. The SURE-P vehicle continuing to supplement main budget to deliver the promises of government in social and infrastructure areas