President Goodluck Jonathan is proposing to spend N4.361 trillion in 2013, according to the budget bill due for presentation to the two chambers of the National Assembly for consideration and approval.
The president is also planning to spend N409,772 billion, N274,269 billion and N211,108 billion on fuel subsidy in 2013, 2014 and 2015 respectively. This and other details are contained in the 2013-2015 Medium-Term Expenditure Framework and Fiscal Strategy Paper, circulating in the corridors of power in Abuja today.
According to the document, capital expenditure is to gulp N1.524 trillion and recurrent N2.411 trillion from the N4.361 trillion 2013 budget while the rest will serve as statutory allocations to the NJC, NDDC, UBE (2%CRF), INEC, NASS and the National Human Rights Commission.
The document further explains that :”In the light of the contemporary global uncertainty and in line with the goal of ensuring macroeconomic stability which is encapsulated in the Transformation Agenda, government will sustain its strategy of fiscal consolidation with growth by which efforts to correct the structure of the expenditure profile will be fostered.
“Indeed, recurrent expenditure is expected to maintain its decreasing trend, is, increasing the fiscal space for capital expenditure.
In line with the Transformation Agenda and in furtherance of the policy objectives of the 2012 budget, over the 2013-2015 period, key sectors of the economy will remain the focus of this administration. These include security, power, agriculture, water resources, health, education, works, transport, aviation, Federal Capital Territory and Niger Delta. By investing in these sectors, government intends to reduce the infrastructural gap, thereby, energizing the economy so as to create employment and ensure that we have inclusive growth”
The document noted that as at June 2012, government’s “total external debt stock stood at $6 billion. The federal government’s share of this was $3.8 billion (63.3%), while the 36 states and FCT accounted for the balance of $2.2 billion (36.7%). Similarly, domestic debt for the same period stood at N6.15 trillion, bringing the total debt to N7.11 trillion which is 17.8% of the GDP.”