Overview

The document is the Third Quarter Budget Implementation Report (BIR) for 2011, prepared by the Budget Office of the Federation under the Federal Ministry of Finance. It is published pursuant to Section 30 of the Fiscal Responsibility Act, 2007, which requires the Honourable Minister of Finance to submit quarterly budget performance reports to the Fiscal Responsibility Commission and the Joint Finance Committees of the National Assembly, and to disseminate them to the public. The report covers the period from July to September 2011. Key themes include challenges in budget implementation due to the political transition year, late passage of the 2011 budget, lower than projected net revenues, and unsatisfactory capital budget implementation by Ministries, Departments and Agencies (MDAs). On the revenue side, aggregate receipts increased compared to the same period in 2010, but net revenues were below projections. Recurrent expenditure was on target, but capital budget implementation by MDAs was poor due to project management issues. The government is instituting policy changes to improve returns on investments in MDAs' projects, such as insisting on proper analysis of rates of return and focusing capital budgets on completing viable ongoing projects aligned with the NV20:2020 vision. The report acknowledges contributions from various departments of the Budget Office, MDAs, civil society organizations, and media. The foreword by Dr. Ngozi Okonjo-Iweala, Coordinating Minister of the Economy and Honourable Minister of Finance, emphasizes the importance of monitoring budget implementation for optimal use of public resources. The preface by Dr. Bright Okogu, Director-General of the Budget Office, highlights the report's role in assessing government transparency and prudence in public financial management.

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