2011 Budget in Nigeria

President Goodluck Jonathan yesterday presented a budget proposal of N4.2 billion to the joint session of the National Assembly with emphasis that job and wealth creation for teeming unemployed Nigerians would top the agenda of his administration in the coming fiscal dispensation.

The initial schedule of the president to make the presentation at 12 noon yesterday at the green chambers of the House of Represents, was rescheduled to 2 p.m. He was later accompanied to the venue by his Special Adviser on National Assembly Matters, Senator Abba Aji, and Secretary to the Government of the Federation (SGF), Yayale Ahmed, and several ministers.

The one-hour budget speech, which Jonathan said was tailored towards the roadmap of Vision 20-2020, indicates a breakdown of statutory allocation of N196.4 billion, Debt Servicing of N532 billion, N2.4 trillion recurrent expenditure, N1.5 trillion capital budget, exchange rate of N150/$; joint venture cash calls of $5.4 billion and N2.53 trillion for total revenue.

He promised that with the oil benchmark projected to be $65 per barrel at production rate of 2.3 million barrel per day, GDP among Nigerians would increase to 7.85 per cent in 2011.

Jonathan, who promised that the proposed budget is also aimed at reducing rising overhead cost, stated series of ongoing initiative of his administration to tackle power and unemployment issues.

He said N80 billion intervention funds had been earmarked to kickstart series of job creation and skill acquisition schemes across all levels of the society, adding that a Special Adviser that would see to the acceleration of the plans would soon be appointed.

The budget, which he tagged Budget of Fiscal Consideration, Economic Prosperity and Wealth Creation, had forced his administration to take hard decisions, some of which include cut in overhead of MDA’s and government parastatals.

While reminding that his administration had not relented in its efforts to improve lives of... [continues]

Read full essay