Overview

The document is the 2014 Budget Speech by Dr. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Minister of Finance of Nigeria, presented on January 20, 2014. The speech, titled 'A Budget for Jobs and Inclusive Growth,' outlines the fiscal policies and expenditure plans of the Federal Government. Key points include: the budget as a tool for economic growth and job creation, emphasis on supportive policies beyond mere allocations (e.g., backward integration for agriculture and industry), transparency in budget details, challenges in the budget process with unapproved amounts and delays in the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), initial depletion of the Excess Crude Account (ECA) and subsequent agreement to replenish, macroeconomic assumptions (oil production of 2.3883 million barrels per day, benchmark oil price of $77.5 per barrel, GDP growth of 6.75%, inflation at single digit), non-oil revenue growth focus, N4.64 trillion total revenue and N4.88 trillion total expenditure, fiscal deficit of N1.87 trillion (1.9% of GDP), deficit financing sources (mainly domestic borrowing), and sectoral allocations (defense, education, health, etc.). The speech also highlights achievements in infrastructure, privatization, and public financial management reforms. It concludes with gratitude to stakeholders and a call for support to pass the budget.

Download