Overview

The 2013 Budget Speech by President Goodluck Ebele Jonathan presents the Federal Budget Proposal for 2013 to the Joint Session of the National Assembly in Abuja on October 10, 2012. The speech emphasizes fiscal consolidation with inclusive growth, highlighting progress in economic transformation despite global economic uncertainty. It notes that the global economy is recovering slowly, with projected growth of 3.3% in 2012 and 3.6% in 2013, and warns of risks from oil price volatility and reduced demand for Nigeria's exports due to slowdowns in the Eurozone and USA, which account for over 50% of crude oil exports. Domestically, Nigeria's economy grew by 6.28% in the second quarter, driven by the non-oil sector, and inflation dropped to 11.7% in August 2012. The speech outlines initiatives to create jobs, support SMEs, enhance food security, and increase local content in manufacturing and oil and gas.

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