Jonathan Plans Big Borrowing To Finance 2013 Budget -Deficit Spending Seen In New Budget

Federal minister of finance, Ngozi Okonjo-Iweala
By SaharaReporters, New York

The Federal Executive Council has approved a fiscal framework for the 2013 which spends N4.929 trillion on estimated revenues of N3.891 trillion.

Debt financing will be required to cover the nation’s growing expenses. President Goodluck Jonathan is to use $75 per barrel of oil as the benchmark for the 2013 budget.

 Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed the budget information to State House correspondents after the FEC meeting in Abuja.

 "Everybody has agreed that the work for budget for 2013 must start early this year that is why we have the fiscal strategy paper this early,” she said. Once we finish here we are going to transmit the document to the National Assembly".

 She said the budget might be presented to the National Assembly before the end of October when the members, who are currently on recess, would have resumed.

 Okonjo-Iweala said the theme for the 2013 budget is “fiscal consolidation with growth”.

 Other highlights of the proposed 2013 budget included an expected oil production of 2.5million barrel per day as against 2.48 million barrels per day in 2012.

 
Capital expenditure is also expected to rise n 2013 from 28.53% to 31.34% while recurrent expenditure is expected to decline from 71.47% in 2012 to 68.66% in 2013.

 The minister also noted that work is on to ensure a decline in fiscal deficit and borrowing from 2.85% and N744.44billion in 2012 to 2.17% and N727.19billion in 2013 respectively. A further decline she said is expected by year 2015.

 She also noted that government is to create a sinking fund of N25billion yearly to accumulate money for paying off bonds while another N75billion for debt

 

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I don't know if borrowing is

I don't know if borrowing is the solution. Some simple accounts on a website with free invoice templates might provide some surprising results. Maybe a better monitoring of the oil industry could be enough to capitalize the required funds.

Everybody's borrowing from

Everybody's borrowing from others. And others will start borrowing soon because they won't be getting that money back. It's just all for the facade and this way, they can look better in front of the people. But the real problems won't be settled like this, and I am not sure when they will be solved.

DERI

How many gallons of ogogoro have you take today? I fear ogogoro oh.

@Judith: Re: Ngozi has the answer

@Judith

Judith, it is not rocket science, is it ? Nigeria can't be borrowing while N2.1trillion is stolen in one year under this Dumbo and the so called World Bank expert. Madam Ngozi was asked last month what percentage of teh current budget has been implemented and the world bank expert can supply figures at her finger tip. Dumbo Jo was asked last month in an interview about Nigeria's economy and he said the interviewer should go ask Ngozi as he does not run the economy so what does he run ? If your hope is on this duo, you are hopeless then !

I will assume you are inteligent so I would ask you to tell us just three of Jonathan's election promises that made you vote "jonathan and not PDP" and let us know if those promises have been fulfilled if not what is the status of those promises !

@Judith: Re: Ngozi has the answer

@Judith

Judith, it is not rocket science, is it ? Nigeria can be borrowing while N2.1trillion is stolen in one year under this Dumbo and the so called World Bank expert. Madam Ngozi was asked last month what percentage of teh current budget has been implemented and the world bank expert can supply figures at her finger tip. Dumbo Jo was asked last month in an interview about Nigeria's economy and he said the interviewer should go ask Ngozi as he does not run the economy so what does he run ? If your hope is on this duo, you are hopeless then !

I will assume you are inteligent so I would ask you to tell us just three of Jonathan's election promises that made you vote "jonathan and not PDP" and let us know if those promises have been fulfilled if not what is the status of those promises !

Ogogoro and oil pollution has polluted ify-demo-4ever's head !

I wonder why some people repsond to that ify-fool-4-ever on the fake achievement of his ogogro President he wrote. Dumbo Jo himself said last month he couldn't achieve anything because of Boko Haram and then one idiot called ify-fool-4-ever is realing out projects started or done by OBJ and Yaradua and you are all responding to the idiot. Would you rather believe a man who confessed to being a failure or a drunk PDP tout ? Just ignore the fool, ogogoro is what is worrying him.

jona has lost it

I have given up on this Ogogoro President. Simply because he is an Ijaw man i have always taken the side of the govt. only for him to be borrowing to do what--i sincerely hope Tunde Bakare's words are not coming to past.

Ngozi has the answer

Those that are making negative comments here were one of those who criticised the late submission of our national budget. Now that she has ensured that the budget is presented on time, we need to encourage and appreciate her for that.

I can't remember the last time preparation for next year budget has been this early.

MR. PRESIDENT DON'T BORROW

A borrower is always a slave to the Leander, Mr President why can't you lean, why do you always allow yourself to be used as a puppet by the world cabals through people like (Federal minister of finance, Ngozi Okonjo-Iweala), who wouldn't mind selling these Nation entirely just for fame and power. OBJ, had tried to get us out from debt and you want to return us back, for God seek why can't you think of a better ways to make Nigeria a better NATION that lend than rather borrows.

bro, u really have time, or

bro, u really have time, or is commenting ur source of income, ha! i tire for u

Get your facts right

The dualisation of Ilorin-Ibadan road began during OBJ's tenure and was completed from Ilorin to Ogbomosho, work continued under Yar'adua, so GEJ can only claim to complete the work started long ago, same is true with regards to the railways, much of the work had been started before he got into office. The question is: can he complete the works? OBJ and Yar'adua worked but never completed these projects, let's see if the works will have been completed by 2015 before we start giving credit to GEJ.
Fotographa.com is an archive of current & historical images of the real Nigeria.

Re: No shaking! Our President is on track

Ifeanyi-Democrazy4ever;
I believe that you do not have time piece or yours is static and that your never bothered to acquire calender in your life. Also, I know that your are not Ifeanyi or anything Ibo because the projects you mentioned where mostly started before your current president (I have forgotten his real name) and have tremendously and progressively slowed down or stopped like his personal life structure. You just believe you are given access to write and insult the sensibility of the readers in Sahara reporters. Please before your continue in your sychophancy, brownnosing and stupid writing, check with the porjects and their status. A word is enough for the wise! Though most people like you chose to be foolish. Thanks.

BAKARE IS RIGHT

When are we going to stop borrowing Mr PRESIDENT?

Borrow-Borrow Baby, Wuru-Wuru Gov't.

Recover our stolen $6.8bn via subsidy scammers and we need not borrow kobo from any bank. Already planning for 2013 when 2012 has not been accounted for even under threat of impeachment. Thieves, nothing but corrupt thieves carving up the unbaked cake. The acclaimed 'reductions' amount to nothing as long as there's no reduction in jumbo pay. Trim down perks and the bloated salaries of NASS thugs and Naija will be fine. With our excess crude reserves chasing 40bb, other industries should be developed especially agriculture.

JONATHANS PLAN

We know Jonathan has no plan but what plans do other politicans have regarding nigeria's ongoing security problems

GEJ

GEJ will deserve him in dis nation,Because talk about CHANGE will not act for it, "IS THEIR ANY HOPE FOR NIGERIA" www.gistyinka.com

Good to hear that fiscal plan

Good to hear that fiscal plan is to be presented to the house before October. I hope it will be accompanied by an implementation plan. After all what use is a budget you dont have any plan of implementing.

am amazed that u can said

am amazed that u can said such thing from your dirty mouth...

OUR DERAILED PRESIDO!

Ifeanyi democracy, this is ridiculous. these massive infrastructural development performed by GEJ must be in the MARS and not Nigeria a except you are just being sarcastic!

TYM TO GET RID OF GEJ B4 HE GET RID OF NAIJA

I belive its high time to get rid of GEJ before he gets rid of naija finally...This guy has got no absolute brain atall to run this country.
Its tym to get rid of him fast....
SAVE NIGERIAN GROUP...PLS WHERE ACT THOUUUUUUU???????

OGA JONATHAN NA BORROWING

OGA JONATHAN NA BORROWING THINGS, ABI NA THAT BE YOUR AGENDA REMEMBER SAY YOU GO PAY OOO. FOR WHAT SOEVER A MAN SOWER T THAT SHALL HE REAP OOO

“No president has ever sought

“No president has ever sought the help of the ordinary people in tackling security problems in this country.”

Even after subsidy removal

So, Oga Jona still wants borrow, even after subsidy removal? What is the government doing with our resources? National Assembly must wake up and kick this man out. He is confused and incapable to handle this nation. Tomorrow, I know he will blame the borrowing on Boko Haram.

where is revenue from cocoa, corton and groundnut-na only oil

The entire budget depends on the oil revenue from the south south. Its been like that for over 57yrs- Even if jona leaves aso rock, it will be the same thing-those who will take over from him do not have magic wands to pay for our needs-our rentier economy depends on the oil revenue to survive-else 9ja will be dead--that is why they are doing all to demonize gej--to cover up for their stealing habits--so it was with abiola--gani and papa awo-sadly some fools from the south do not want to see the light at the end of the tunnel via Gej-Simply because he is Ijaw! They want buhari who sacked over 1 million workers in the 80s when 50kobo us to exchange 4 one dollar to come back and execute southerners again-the same way BH is killing them--have we heard anybody say a word about dasuki-?-when azazi was there--elrufai told us how security vote were spent-but quiet now that his fulani brother sambo is there.

na our oil money--make us turn to onigbese? wey yr own cocoa

As part of efforts to ensure that the FGN delivers on its promise of presenting the 2013 Budget by September, this year, (FEC), has put the motion on course by discussing a memorandum on the 2013–2015 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper, whose aim is to bring down recurrent expenditure from 71.47 per cent in 2012 to 68.66 per cent in 2013.The memorandum, according to a statement from the Ministry of Finance, which sets the broad framework and priorities of the budget, was submitted to the cabinet by the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala. Simultaneously, the FGN is intensifying efforts to ensure further improvement in the implementation level of the current budget.As at June 20, following four months of implementation starting from April, is 41.3 per cent. JONA who is personally leading the drive for higher performance, has been meeting with ministers to ensure that the momentum is maintained.

What is your source of

What is your source of information? That is not true as much as you want to criticize get your facts right.

The WORKS of Jonathan are now poking the face of Devils

What GEJ has done in just 1yr:
6) In AGRICULTURE: for the first time in our history, we have a clearly defined agricultural policy which is targeted towards maximum utilisation of select crops,eg cassava,rice, cocoa,etc for economic growth. The cassava policy intends to reduce our reliance on imported wheat so as to encourage local production of cassava and it's conversion to flour for bakery. The FG has in less than one year eliminated the middlemen cartel that fed fat on fertiliser distribution at the expense of local farmers. There is massive construction of silos, rice mills,irrigation dams,etc. Govt has increased import duties on rice and wheat flour in order to encourage local farmers.
7) The POWER: the power roadmap is very much on track. NERC has been reformed completely to serve its function as efficient regulator of the power sector. Bulk purchaser was created in preparation for privatisation. The transmission company of Nig was recently handed to a Canadian firm for mgt

SR has started blocking my comments. Shame on Evil people

What GEJ has done in just 1yr:
9) Oil sector(continued): much more still has to be sorted out in the oil sector, especially the state of our refineries.
10) JOB CREATION: most of the reforms listed above are indirect or direct creators of job. Other direct job creation interventions include the YOUWIN project that empowered 1,200 young entrepreneurs with grants and another programme under the SURE-P meant to give partial employment to 370,000 non-skilled/semi-skilled persons yearly and pay them stipends.
11) And so on and so forth.
So much has been done already by president Jonathan despite the boko haram distraction. So much more will still be done. Some persons have decided to be BLIND &DEAF to these achievements. But I promise them that as the day progresses (most likely 1-2yrs from now) and the drum of these achievements become louder, even the the DEAF will HEAR and the BLIND will SEE.

GEJ is working! Shame on SR and Boko haram

What President Jonathan has done in just 1yr:
6) In EDUCATION, establishment of 9 NEW federal universities in less than 1 year. GEJ is currently building hundreds of ALMAJIRI schools for itenerant Islamic pupils. MASSIVELY Increased funding for existing higher institutions. Only few days ago N95billion (extra-budgetary) was made available to select higher institutions. The federal unity schools are being rehabilitated in batches.

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