Nigeria 2012 Budget Highlights: How Government Plans To Spend Your Money

The 2012 Budget is based on the following assumptions:

• Oil production of 2.48 million barrels per day (mbpd) up from 2.3mbpd for 2011;
• Benchmark oil price of US$70/barrel, a cautious revision from the US$75/barrel approved in the 2011 Amended Budget;
• Exchange rate of NGN155/US$;
• Projected GDP growth rate of 7.2%; and
• Projected inflation rate of 9.5%.

Aggregate expenditure proposed for the 2012 fiscal year is N 4.749 Trillion, an increase of 6%over N 4.484 Trillion appropriated for 2011.

Recurrent expenditure proposed for 2012 budget will consume a whopping 72% of the expenditure.

Capital expenditure proposed is a modest 28%.

Fiscal deficit is projected at about 2.77% of GDP in the 2012 Budget compared to 2.96% in 2011.

Allocations to some critical sectors of the economy 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) & Education Trust Fund] – N400.15 billion;

Health – N282.77 billion;

Agriculture & Rural Development – N78.98 billion.

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

Communications Technology  – N18.31 billion.

2 Comments

1. 

   Giftedjoe

   February 3, 2012 at 2:20 pm

   oboy! this govt is clueless. so this is how they intend to spend tax payer’s money eh?
2. 

   Olarich49

   February 21, 2012 at 2:20 pm

    Na wa o………..So this is how gov.t intend Plans To Spend our Money!