13 December 2011, Sweetcrude, ABUJA – Below are the facts and figures in Nigeria’s 2012 budget proposals as presented by President Goodluck Jonathan to a joint session of the National Assembly, Tuesday, as captured by our reporter Henry Umoru.
*Estimated oil production of 2.48 million barrels per day (mbpd)
*Benchmark oil price of US$70/barrel
*Exchange rate of NGN155/US$;
*Projected GDP growth rate of 7.2%; and
*Projected inflation rate of 9.5%.
*The sum of N4.749 trillion is appropriated for 2012, an increase of 6% over 2011 budget.
*The aggregate expenditure comprises N398 billion for Statutory Transfers,
*N560 billion for Debt Service
*N2.472 trillion for Recurrent (Non-Debt) Expenditure.
*Recurrent Expenditure -N2.472trillion for Recurrent (Non-Debt) Expenditure
*Capital Expenditure- N1.32 trillion representing a 15% increase
Allocation To Critical Sectors Of The Economy
SECURITY- N921.91 billion;
POWER -161.42 billion; Works – N180.8 billion;
EDUCATION [excluding Universal Basic Education Commission, Petroleum Technology Development Trust Fund (PTDF) & Education Trust Fund] – N400.15 billion;
HEALTH – N282.77 billion
AGRICULTURE AND RURAL DEVELOPMENT – N78.98 billion.
WATER RESOURCES – N39 billion
PETROLEUM RESOURCES – N59.66 billion
AVIATION – N49.23 billion
TRANSPORT – N54.83 billion
LANDS AND HOUSING – N26.49 billion
SCIENCE AND TECHNOLOGY- N30.84 billion
NIGER DELTA – N59.72 billion
FEDERAL CAPITAL TERRITORY ADMINISTRATION – N45.57 billion
COMMUNICATIONS TECHNOLOGY – N18.31 billion.