ABUJA — THE Federal Executive Council, FEC, yesterday, approved the
2013 draft budget proposal with a fiscal framework of annual projected
revenue of N3.891 trillion and a expenditure of N4.929 trillion.
The 2013 draft budget proposals contain a deficit of N1.038 trillion.
The draft budget proposal is to be submitted to the National Assembly
next month.
The Coordinating Minister of the Economy and Minister of Finance Dr.
Ngozi Okonjo-Iweala, who addressed state House correspondents after the
FEC meeting, said the budget will be ready in September, while the
actual laying will be in the first week of October.
Okonjo-Iweala, flanked by the Minister of State, Finance, Yerima
Ngama and Minister of Information, Labaran Maku, yesterday, said FEC’s
meeting also deliberated on the presentation of medium term fiscal
framework for the 2013 budget.
Although details of the draft proposals were not made available, the
Finance Minister, in giving insight of what is to be expected in the
2013 budget, said the Federal Government had reduced the recurrent
expenditure component of the draft budget proposal from 71.47 percent of
the total budget in 2012 to 68.66 percent.
She said: “We are increasing the Capital Expenditure from 28.53 percent in 2012 to 31.34 percent in 2013.”
Okonjo-Iweala said the resources of the country would be managed
prudently and transparently, while ensuring priority was given to the
key growth sectors of the economy and national security.
She said: “Fundamentally, the focus of the Federal Government’s
proposal on budget 2013 as reflected in the Medium Term Expenditure
Framework and Fiscal Strategy Paper is that the budget should make
practical impact on the areas that matter most to the Nigerian people—
job creation, power supply, roads, rail, other infrastructure and of
course, agriculture.
“The proposals for the 2013 budget are based on a rigorous review of
the performance of the global economy with regard to negative economic
developments around the world which have the potential to negatively
impact the country’s economy.”