Overview

This document is the 2012 Second Quarter Budget Implementation Report published by the Budget Office of the Federation, Federal Ministry of Finance, Nigeria. It is mandated by Section 30 of the Fiscal Responsibility Act, 2007, requiring the Minister of Finance to submit quarterly budget performance reports to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Commission, as well as to the public. The report covers the second quarter of 2012 and evaluates budget implementation in that quarter and year-to-date. Key points from the foreword by Dr. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Honourable Minister of Finance: - The report promotes transparency, accountability, and fiscal responsibility. - It is the second such publication for 2012. - Monitoring and evaluation of capital projects and programmes involved staff of the Budget Office, selected MDAs, Civil Society Organizations, and the Media. - The Minister encourages public interest in the budgeting process. The preface highlights: - Initial delays in 2012 budget implementation due to extension of 2011 capital budget to 31 March 2012 and late passage of the 2012 Budget. - Improvements in economic activity, evidenced by growth in real GDP, which positively impacted government revenue. - Revenue receipts in Q2 maintained an upward trend but remained below projections. - Capital budget implementation showed marked improvement across MDAs as per provisional data from the Office of the Accountant General as of June 2012. - The Administration aims to present the annual budget proposal to the National Assembly earlier to allow implementation from January to December each fiscal year. - The report is a collaborative effort of the Budget Office and other government agencies. The document underscores the government's commitment to transparent and prudent management of public finances and details challenges and progress in budget implementation during the second quarter of 2012.

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