Overview

The document is a presentation by Dr. Bright Okogu, Director-General of the Budget Office of the Federation, on the Federal Government of Nigeria (FGN) 2013 Budget, titled 'Fiscal Consolidation with Inclusive Growth,' delivered on March 7, 2013. It outlines the global economic outlook, potential impacts on Nigeria, mitigating strategies, and key budget figures. The global outlook highlights slow recovery, euro zone setbacks, US improvement, downward revision of global growth to 3.5% for 2013, and risks from sovereign debt and adverse weather. Impacts include vulnerability to global uncertainties, reduced demand for crude oil, potential effects on foreign investments, widening oil supply-demand gap due to new producers (shale oil, Brazil, Ghana), and oil price volatility. Mitigating measures involve fiscal consolidation: rationalizing recurrent expenditure through biometric verification (IPPIS), agency rationalization, overhead reductions; focusing capital expenditure on completing ongoing projects, reducing administrative capital, leveraging PPPs, and rebalancing toward developmental capital; enhancing revenue via reasonable oil benchmark, curbing oil theft and subsidy leakages, ambitious non-oil revenue targets (FIRS, NCS), and monitoring IGR; and debt management. The budget emphasizes fiscal consolidation for growth, with key numbers and growth promotion initiatives presented, alongside challenges and the SURE-P program.

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