Nigeria budget
There was some petty haggling last week in Abuja about the president's proposed budget for next year. Then the president flew off to Saudi Arabia for emergency medical treatment and legislators allowed "Special Adviser to the President on National Assembly Matters, Senator Mohammed Abba Aji" to present the budget to the two houses.So, what is in the budget?
Infrastructure Tops FG's Plan for 2010
INFRASTRUCTURE development topped the Federal Government's agenda in Capital Expenditure of the N4.07 trillion budgetary proposal for 2010 laid separately before the Senate and the House of Representatives yesterday...
The proposed spending is 32 per cent higher than that of 2009 and, if approved, will push Nigeria even further beyond a 3 per cent deficit target set under a 2007 fiscal responsibility act.
Around a third of the planned budget is non-recurrent spending targeting areas including critical infrastructure, the power sector and development in the Niger Delta, the restive heartland of the country's mainstay oil industry.
"The purpose of the 2010 budget is to accelerate economic recovery through targeted fiscal interventions intended to further stimulate the economy and support private sector growth," Yar'Adua said in a budget statement presented to the lawmakers...
The spending plans for the country, which vies with Angola as Africa's biggest oil producer, assume oil output of 2.088 million barrels per day (bpd), a benchmark oil price of $57 and an exchange rate of N150 to the U.S. dollar.
Yar'Adua said improving power infrastructure was a top priority and that Nigeria aimed to double electricity capacity to 10,000 megawatts (Mw) by the end of 2011. Intermittent power supply is seen as a major blow on economic growth.
Yar'Adua said the utilisation of budgetary allocations for 2009 had been "below expectations", raising questions about how effectively government would spend the additional funds...
Among the beneficiaries of the statutory (first line charge) are the Niger Delta Development Commission (NDDC) N35.6 billion, the National Judicial Council, N91 billion and Universal Basic Education, N44.3 billion...
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Labels: economics, Nigeria, political culture, politics
posted by Ken Wedding @ 6:08 AM
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