13 December 2011, Sweetcrude, ABUJA – President Goodluck Jonathan on Tuesday presented Nigeria’s proposed 2012 budget of N4.749 trillion to the joint session of the National Assembly, a six percent increase on the 2011’s N4.48 trillion budget.
And no allocation was made for fuel subsidy in confirmation of the federal government’s resolve to remove the subsidy from next year despite mounting opposition, according to The Nation Newspaper.
Capital expenditure is N1.32 trillion (28%); recurrent (non debt) expenditure will gulp N2.472 trillion (72%); statutory transfer N398bn while debt servicing will gulp N560bn.
Breakdown of the allocations to some sectors are as follows: Security – N921.91 billion; Power [including Bulk Trader, Nelmco, and Multi-Year Tariff Order (MYTO)] -N161.42 billion; Works – N180.8 billion; Education [excluding Universal Basic Education Commission, Petroleum Technology Development Trust Fund (PTDF) and Education Trust Fund] – N400.15 billion.
Health – N282.77 billion;and Agriculture & Rural Development – N78.98 billion. Others are: Water Resources – N39 billion; Petroleum Resources – N59.66 billion; Aviation – N49.23 billion; Transport – N54.83 billion; Lands & Housing – N26.49 billion; Science & Technology – N30.84 billion; Niger Delta – N59.72 billion;Federal Capital Territory Administration (FCTA) – N45.57 billion and Communications Technology – N18.31 billion.
“The 2012 budget is based on a set of assumptions reflecting government’s determination to maintain prudence in the face of continued uncertainties in the external environment,” the president said.
Senate president however noted that “Over the years, we have listened to very beautiful and impressive budget speeches eloquently delivered in this chamber. Unfortunately, the implementation has not matched the words as economic policies often lack continuity and projects are needlessly discarded or abandoned. We have what it takes to be a great nation or a world power. But we have never challenged ourselves sufficiently over the years to attain this desired goal”.
