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HIGHLIGHTS OF 2014 BUDGET MORE JOBS, MORE INFRASTRUCTURE AND INCLUSIVE GROWTH

• Focus

Job creation

Infrastructure development

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

AmarSim Associations Development Consultants

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