Overview

The document is a speech by Dr. Ngozi Okonjo-Iweala, Nigeria's Coordinating Minister for the Economy and Minister of Finance, presenting the 2015 federal budget proposal titled 'A Transition Budget' on December 17, 2014. The speech begins with acknowledgments to President Goodluck Jonathan, Vice President Namadi Sambo, the National Assembly, the Federal Executive Council, and other stakeholders. It then reviews the implementation of the 2014 budget, highlighting challenges such as oil pipeline vandalism leading to reduced oil production (averaging 2.2 million barrels per day against a budgeted 2.38 million bpd) and a sharp decline in oil prices from $114 per barrel in June to around $58 per barrel, below the budget benchmark of $77.5 per barrel. These factors caused revenue shortfalls, with total revenues at about N2.72 trillion by end of October against a target of N3.73 trillion. Despite these challenges, the government continued to manage recurrent expenditure. The speech sets the stage for presenting the 2015 budget amidst difficult economic circumstances.

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