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Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate - Politics - Nairaland

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Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by taharqa: 12:29am On Sep 20, 2012


President Goodluck Jonathan on Wednesday forwarded a 2013-2015 medium –term expenditure framework and fiscal strategy paper to the Senate.

The president in the document disclosed that the share of recurrent spending in aggregate expenditure is set to further reduce from 71.47 percent in 2012 to 68.7 percent in 2013 while capital expenditure as a share of aggregate spending is set to increase from 28.53 percent in 2012 to 31.3 percent in 2013.

He said that in line with the policy of consolidation, the fiscal deficit is expected to continue on a declining path from 2.85 percent of GDP in 2012 to 2.17 percent in 2013.

According to the president, the federal government will sustain its efforts to increase revenue as well as that of capital spending in total expenditure, reduce the fiscal deficit and the corresponding borrowing requirement to a more sustainable level.

He further said that government intends to further strengthen fiscal consolidation by scaling back it’s spending and creating a prosperous environment for a private sector led growth.

In furtherance of this, it stated that government would rationalize the large number of agencies based on the recommendations of the Oronsaye committee.

President Jonathan noted that in the light of the huge amount paid on petroleum subsidy in 2011, the government will streamline the management of the subsidy scheme by strengthening the audit and verification process.

He further said that in line with the oil-price based fiscal rule, a cautious oil benchmark price of $75 per barrel has been chosen for 2013-2015 period while oil production of 2.53 mbpd, 2.61 mbpd and 2.65 mbpd will be adopted for the 2013, 2014 and 2015 fiscal years respectively.

http://www.channelstv.com/home/2012/09/19/jonathan-submits-2013-2015-expenditure-frameworks-to-senate/
Re: Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by taharqa: 12:36am On Sep 20, 2012
Highlights of the Framework:

* Presentation of the budget 3 months before the end of the financial year in order to ensure that the Implementation of the budget estimates start on January 1 for improved predictability and better implementation of the budget( The Budget is ready and should be presented by month end or early October- first time it is going to the National Assembly this early since 1999).

* Reduction of Budget deficit from 3.35% of GDP in 2010 to 2.96% in 2011 to 2.85% in 2012 to projected 2.17% in 2013(next year).

* Reduction of domestic borrowing from N1.1 trillion in 2010 to N852 billion in 2011 to N744 billion in 2012 budget and projected N727 billion in 2013(next year).

* Provision of 'Sink-in Fund' of about N25billion yearly from next budget year to service domestic debt in order to try to retire it over time.
* Reduction of Overhead votes from N526billion in 2010 to N266billion in 2012 to projected N230billion in 2013(next year).
* Reduction of Recurrent Component of the budget from 77.43% in 2010 to 74.43% in 2011 to 71.47% in 2012 to around 68.7% in 2013(next year).

* And in a move that is personally more exciting, the promise by the President to quickly treat the extremely important Oronsaye Committee Report which would drastically rationalise the large number of agencies in government, reduce waste and even further reduce the high cost of governance as reflected in the Recurrent budget(Mr President should plz fulfill this promise of his (with the required Wisdom cos of the sensitivity but also with Courage cos of the necessity ), release the Oronsaye Committee White Paper and start implementation asap)

...meanwhile, heard that this year's budget utilization('implementation') rate up to the 3rd quarter releases is around 65%( dont have the specific level at this time though).

The Budget process is been gradually consolidated from the unfortunate fiscal 'looseness' and indiscipline of the Yar'adua's years and the first year of GEJ.

http://www.punchng.com/news/fec-approves-draft-budget-of-n5trn-for-2013/
Re: Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by ayox2003: 12:46am On Sep 20, 2012
This is exactly what I'm talking about - ACTION


May it be.



Frawzey

1 Like

Re: Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by Jeboy(m): 5:33am On Sep 20, 2012
Kudos to the Fed Govt on dis, it seems GEJ is bent on proving his critics wrong oh.

Please sir we also need a blue print on how you intend to reduce the earnings of political officers to civil servant type of salary. Please do that for Nigeria and you will ever be remembered for good. I know Power will be delivered cos I still enjoy 18-20 hrs per day consistently for 3months now. With the award of Discos (PHCN Distribution Companies), I believe Nigeria is gradually and surely moving forward towards deliverance from blackout previous govt. you inherited from previous govt
Re: Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by Pukkah: 1:00pm On Sep 20, 2012
We discussed this extensively here: https://www.nairaland.com/1018178/domestic-debt-rose-n6.153tn-june#11801551

What's the basis of the persistent deficit? Just one example, the FIRS in the first half of this year raked in N2.4trillion.

When is the target date(s) to scrap the redundant or overlapping agencies in line with the recommendations of the Oronsaye Committee?
Re: Jonathan Submits And Consolidates 2013-2015 Expenditure Framework To Senate by taharqa: 1:03pm On Sep 20, 2012
Jeboy: Kudos to the Fed Govt on dis, it seems GEJ is bent on proving his critics wrong oh.

Please sir we also need a blue print on how you intend to reduce the earnings of political officers to civil servant type of salary. Please do that for Nigeria and you will ever be remembered for good. I know Power will be delivered cos I still enjoy 18-20 hrs per day consistently for 3months now. With the award of Discos (PHCN Distribution Companies), I believe Nigeria is gradually and surely moving forward towards deliverance from blackout previous govt. you inherited from previous govt
Yea. I think dat more should be done to reduce d pecks of political office in Nigeria in all tiers and arms of govt- a situation where a state governor has up to a thousand 'special advisers' is unacceptable. We just have to keep insisting on dat and keep putting these ppl in govt on their feet

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