Cost of Governance
• Baseline Assumptions
Benchmark Oil Price: $77.5pb
Budgeted Oil Production: 2.3883mbpd
Average Exchange Rate: N160/$, same as in 2013
Real GDP Growth Rate: 6.75%
• Revenue Projections
Gross Federally Collectible Revenue: N10.88 trillion
Gross Federally Collectible Oil and Gas Revenue: N7.16 trillion
Total deductions, including cost of crude oil production, subsidy payments, and domestic gas development is N2.15 trillion, same as in 2013.
Subsidy payments were maintained at the 2013 level of N971.1 billion.
Gross Federally Collectible Non-Oil Revenue: N3.29 trillion
FGN Budget Revenue: N3.73 trillion
• Expenditure Projections
Aggregate Expenditure (Net of SURE-P): N4.642 trillion
Aggregate Expenditure (Inclusive of SURE-P): N4.910 trillion
Statutory Transfers: N399.7 billion
INEC’s expenditure is to increase from the N32 billion provisioned in 2013 to N45 billion. This is to enable the Commission intensify preparations towards the 2014 elections.
National Assembly’s allocation is to be maintained at the 2013 level of N150 billion.
The provision for debt service is N712 billion from the 2013 level of N591.8 billion.
Recurrent (non-debt) Spending: N2.43 trilliondown from N2.80 trillion in 2013
Personnel cost increased slightly from the 2013 amendment Budget provision of N1.718 trillion to N1.723 trillion for 2014.
Capital Expenditure: N1.100 trillion
Share of Capital in total Expenditure: 27.29% down from 31.9% in 2013 reflecting the increased allocation to pension as well as high wage bill
Share of Recurrent in total Spending: 72.71%
Provision for SURE-P: N268.37 billion
• Fiscal Balance
Fiscal Deficit: N911.96 billion
Fiscal Deficit as share of GDP: 1.90
New Borrowing Requirement: N571 billion, a decrease from N577 billion in 2013