Overview

This document is the 4th Quarter 2012 Provisional Budget Implementation Report published by the Budget Office of the Federation, Federal Ministry of Nigeria. It covers the provisional budget implementation for the fourth quarter and the full year 2012. The foreword by Dr. Ngozi Okonjo-Iweala, Coordinating Minister for the Economy and Honourable Minister of Finance, emphasizes transparency, accountability, and alignment with the government's Transformation Agenda. Key macroeconomic highlights include a GDP growth rate of 7.09% in Q4 and an average of 6.61% for the year. The non-oil sector grew by 8.23%, while the oil sector contracted by 0.17% due to low production. The report is prepared in compliance with Sections 30 and 50 of the Fiscal Responsibility Act (FRC Act) 2007, which mandate quarterly reporting to the National Assembly and Fiscal Responsibility Commission. Challenges faced include late budget passage (April 2012), flood disasters, and poor revenue performance. Despite these, emphasis was placed on productive sectors such as power, infrastructure, youth development, education, and agriculture. The report is the result of collaboration between MDAs and BOF, aiming to improve fiscal management and public accountability.

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