Overview

The 2019 Third Quarter Budget Implementation Report (BIR) provides detailed information on the utilization of public resources for socio-economic needs during Q3 2019. It is prepared by the Budget Office of the Federation (BOF) as required by Sections 30 and 50 of the Fiscal Responsibility Act, 2007, and is submitted to the National Assembly's Joint Finance Committee and the Fiscal Responsibility Commission (FRC). The report is part of Nigeria's commitment to the Open Government Partnership (OGP) and aims to promote budget transparency and accountability. The 2019 budget, titled 'Budget of Continuity,' aligns with the Economic Recovery and Growth Plan (ERGP) and the 2019-2021 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). In Q3 2019, the global economy weakened due to rising trade tensions and geopolitical issues, with global growth expected to slow to 3.2% in 2019 from 3.6% in 2018. Domestically, Nigeria's economic growth was 2.28% (year-on-year) with an uptick in inflation. Fiscal performance was below target due to revenue shortfalls and rising expenditure pressures. As of Q3, the Federal Government's actual aggregate revenue was N4.25 trillion (81% of pro-rata target), and actual expenditure was N5.81 trillion (86.9% of the pro-rated budgeted expenditure of N6.69 trillion). The government emphasizes improving budget preparation, execution, monitoring, and evaluation, and has maintained a robust capital budget share despite revenue challenges. The report was signed by Honourable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed.

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