Overview

The document provides an overview of the 2013 Nigerian federal budget under President Goodluck Jonathan. It emphasizes priorities in security, infrastructure, food security, and human development, aligned with the Transformation Agenda and Nigeria Vision 20:2020. The budget is themed 'Fiscal Consolidation with Growth,' aiming for macroeconomic stability, structural reforms, good governance, and investment in priority sectors. Key objectives include minimizing external shocks (especially oil price volatility), eliminating wasteful expenditure, diversifying revenue sources, and reducing borrowing. Aggregate expenditure is N4.987 trillion for the regular budget plus N273.5 billion for the Subsidy Reinvestment and Empowerment Programme (SURE-P). Assumptions include oil production of 2.526 million barrels per day at $79 per barrel, exchange rate of N160/USD, GDP growth target of 6.5%, and inflation target of ≤12.9%. Federal revenues come from a 48.5% share of the Federation Account (oil, customs, corporate tax), 14% of VAT, and 100% of independent revenues. The budget is described as belonging to all Nigerians, requiring cooperation for economic growth and job creation.

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