MPC Mandate of the CBN | Fiscal Policy | Committees | Calendar of Meetings | Educational | FAQ's | Policy Decisions | Policy Communiques | Intl. Economic Cooperations | Monetary Policy Review | Policy Measures | Understanding Monetary Policy Series | Monetary, Credit, Foreign Trade and Exchange policy Guidelines | Monetary Policy Committee Reforms | AfCFTA

THE 2021 BUDGET

The 2021 Budget of Economic Recovery and Resilience was passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria in December 2020. The 2021 Budget was designed against the backdrop of the global health and economic crisis and was expected to accelerate Nigeria’s economic recovery, promote economic diversification, enhance competitiveness, and ensure social inclusion. The budget was designed to aid delivery of the Nigeria Economic Sustainability Plan (NESP) approved by the Federal Executive Council (FEC) on 24 June 2020. The NESP aimed to chart a vivid road map for the post covid recovery moving the country from the Economic Recovery and Growth Plan (ERGP) to the Medium Term National Development Plan (2021-2023). The 2021 budget of N12,512.24 billion was hinged on the following assumptions: Oil benchmark price of US$40.0 per barrel, Oil production of 1.86 million barrels per day and an exchange rate of N379.0/US$. The budgeted aggregate expenditure was N12,512.24 billion, of which, N4,188.32 billion and N8,076.44 billion were allocated to capital and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N12,296.59 billion (42.2 per cent -Oil revenue and 57.8 per cent -Non-oil revenue). The sum of N982.73 billion was approved by the National Assembly in July 2021 as the supplementary Budget.

2021 Budget Performance:

Revenue

In 2021, the average oil price per barrel was US$70.47 and oil production was about 1.56 mbpd for the year. Oil revenue amounted to N4,072.80 billion or 21.5 per cent above the budgeted oil revenue of N5,185.57 billion and contributed 44.2 per cent to the total revenue. Aggregate non-oil receipts in 2021 amounted to N5,134.53 billion implying an excess of N532.20 billion (11.6 per cent) above the budget of N4,602.33 billion hereby contributing 55.8 per cent to the total revenue. The total revenue amounted to N9,207.33 billion which was N580.57 billion (5.9 per cent) lower than the budgeted revenue of N9,787.9 billion.

Expenditure

Total expenditure incurred during the year amounted to N11,529.51 billion, 7.9 per cent lower than the budgeted total expenditure of N12,512.24 billion. Recurrent expenditure stood at N8,679.62 billion compared to the budgeted amount of N8,076.44 while Capital expenditure stood at N1,903.55 billion compared to its budgeted amount of N4,188.9 billion.

Debt Management

In 2021 fiscal deficit stood at N6,436.19 billion, compared to the budgeted amount of N5,874.66 billion. Total public debt stock as at end-December 2021 stood at N35.556.03 billion representing a year on year increase of 8.0 per cent. Of the total debt, External debt accounted for 40.1 per cent at N15,855.23 billion, Domestic debt accounted for 59.9 per cent at N6,537.54 billion. Domestic Debt Service for 2021 fiscal year stood at N2,054.44 billion compared to the budgeted estimate of N2,183.49 billion, while external debt service amounted to N946.29 billion compared to the budgeted of N940.89. Debt (external and domestic debt) to GDP ratio as at the end of December 2021 stood at 27.4 per cent.

THE 2020 BUDGET

The 2020 budget, tagged Budget of Sustaining Growth and Job Creation, was initially prepared and approved in December 2019 but later revised and passed in June 2020 amid the onset of the Covid19 pandemic which posed a significant threat to the macroeconomy. The initial 2020 budget stood at ₦10,330.42 billion, with budgeted revenue of ₦8,419.16 billion (44.0 per cent oil revenue and 56.0 per cent non-oil revenue). The revised 2020 budget was based on the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The revised 2020 budget stood at ₦9,973.92 billion. It was based on an oil benchmark price of US$28.0 per barrel, oil production of 1.8 million barrels per day and an exchange rate of N360.0/US$. Total budgeted aggregate expenditure amounted to ₦9,973.92 billion, of which ₦1,960.32 billion and ₦7,585.56 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N10.16 trillion (29.9 per cent oil revenue and 70.1 per cent non-oil revenue).

2020 Budget Performance:

Revenue

Oil prices averaged US$41.68 per barrel during the year while oil production was 1.78 mbpd during the same period. Gross Oil Revenue of ₦3,804.96 billion (49.6 per cent of actual revenue) was collected in the year as against ₦3,033.36 billion projected for 2020 budget thereby reflecting an increase of ₦771.60 billion (25.4 per cent) above the 2020 budgetary estimate. Gross non-oil revenue in the year amounted to ₦3,861.81 billion (50.4 per cent of actual revenue) depicting a shortfall of ₦1,284.19 billion (25.0 per cent) from the annual estimate of ₦5,146.00 billion.

Expenditure

Total expenditure incurred during the year amounted to ₦10,017.26 billion, compared to the budget total expenditure of ₦9,973.92 billion indicating a variance of ₦43.34 billion (0.4 per cent). A total of ₦4,645.21 billion was incurred as recurrent expenditure, indicating a decrease of ₦297.07 billion (6.0 per cent) compared to the annual estimate of ₦4,942.28 billion while capital expenditure stood at ₦1,601.76 billion compared to its budgeted amount of ₦2,488.79 billion.

Debt Management

In 2020, the fiscal deficit stood at N6,598.96 billion, compared to the budgeted amount of N4,608.25 billion. Total public debt stock as at end December 2020 stood at N32,915.51 billion representing a year-on-year increase of 20.1 per cent. External debt accounted for 38.6 per cent at N12,705.62 billion, while domestic debt accounted for 61.4 per cent at N20,209.89 billion. The actual total recurrent non-debt expenditure in 2020 amounted to ₦4,645.21 billion indicating a variance of ₦297.07 billion (6.0 per cent) from the annual projection of ₦4,942.28 billion. Domestic debt service for 2020 fiscal year stood at N1,871.94 billion compared to the budgeted estimate of N1,873.34 billion, while external debt service amounted to N553.18 billion compared to the budgeted of N805.47 billion. Debt (external and domestic debt) to GDP ratio as at the end of December 2020 was 21.61 per cent, while retained revenue to GDP was 2.6 per cent.

THE 2019 BUDGET

The 2019 Budget of Continuity was passed by the National Assembly and assented to the President of the Federal Republic of Nigeria in April 2019. The 2019 Budget gave priority to key sectors of the economy including Works and Housing, Power, Transportation, Defence, Agriculture and Rural Development, Water Resources, Education, Health, and Science & Technology. The budget as passed by the National Assembly in April 2019 stood at N8,916.96 billion. Major Budget assumptions include oil benchmark price of US$60.0 per barrel, Oil production of 2.3 million barrels per day and an exchange rate of N305.0/US$. Budgeted aggregate expenditure amounted to N8,916.96 billion, of which N2,094.95 billion and N6,319.96 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N14,950.16 billion (62.4 per cent -Oil revenue and 37.6 per cent -Non-oil revenue).

2019 Budget Performance:

Revenue

In 2019, the average oil price per barrel was US$64.31 and oil production was about 2.04 mbpd for the year. Oil revenue amounted to N4,604.49 billion or 50.6 per cent above the budgeted oil revenue of N9,326.95 billion and contributed 56.5 per cent to the total revenue. Aggregate non-oil receipts in 2019 amounted to N3,548.56 billion implying a shortfall of N731.87 billion (17.1 per cent) below the budget of N4,280.43 billion thereby contributing 43.5 per cent to the total revenue. The total revenue amounted to N8,153.05 billion which was N5,454.33 billion (40.1 per cent) lower than the budgeted revenue of N13,607.38 billion.

Expenditure

Total expenditure incurred during the year amounted to N8,292.82 billion, 7.0 per cent short of the budget total expenditure of N8,916.96 billion. Recurrent expenditure stood at N6,704.85 billion compared to the budgeted amount of N6,319.96 while Capital expenditure stood at N1,165.51 billion compared to its budgeted amount of N2,094.95 billion.

Debt Management

In 2019 fiscal deficit stood at N4,178.73 billion, compared to the budgeted amount of N1,918.47 billion. Total public debt stock as at end December 2019 was N27.401.38 billion. Of the total debt, External debt accounted for 32.9 per cent at N9,022.42 billion, Domestic debt accounted for 67.1 per cent at N18,378.96 billion. Domestic Debt Service for 2019 fiscal year stood at N1,661.03 billion compared to the budgeted estimate of N1,710.22 billion, while external debt service amounted to N488.66 billion compared to the budgeted of N433.80 billion. Debt (external and domestic debt) to GDP ratio as at the end of December 2019 was 19.0 per cent.

THE 2018 BUDGET

The 2018 budget was tagged Budget of Consolidation. It was passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria in May 2018. The 2018 Budget gave priority to key sectors of the economy including Power, Works, and Housing; Transportation; Special Intervention Programmes; Defence; Agriculture and Rural Development; Water Resources; Industry, Trade and Investment; Interior; Education; Health; etc. The budget stood at N9,120.34 billion. Major Budget assumptions include an oil benchmark price of US$51.0 per barrel, oil production of 2.3 million barrels per day and an exchange rate of N305.0/US$. Budgeted aggregate expenditure amounted to N9,120.34 billion, of which N2,869.60 billion and N5,720.31 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N13,218.23 billion (56.6 per cent -Oil revenue and 42.4 per cent -Non-oil revenue)

2018 Budget Performance:

Revenue

In 2018, the average oil price per barrel was US$71.05 and oil production was about 1.93 mbpd for the year. Oil revenue amounted to N5,545.62 billion or 27.2 per cent below the budgeted oil revenue of N7,618.06 billion and contributed 63.2 per cent to the total revenue. Aggregate non-oil receipts in 2018 amounted to N3,225.53 billion implying a shortfall of N1,025.85 billion (27.2 per cent) below the budget of N4,431.83 billion hereby contributing 36.8 per cent to the total revenue. The total revenue amounted to N8,771.15 billion which was N3,278.74 billion (27.2 per cent) lower than the budgeted revenue of N12,049.89 billion.

Expenditure

Total expenditure incurred during the year amounted to N7,511.19 billion, short of the budget total expenditure of N9,120.34 billion. Recurrent expenditure stood at N5,399.47 billion compared to the budgeted amount of N5,720.31 while Capital expenditure was N1,655.26 billion against the budget figure of N2,869.6 billion.

Debt Management

In 2018 fiscal deficit stood at N3,644.70 billion, compared to the budgeted amount of N1,954.47 billion. Total public debt stock as at end December 2018 was N24.387.07 billion. Of the total debt, External debt accounted for 31.8 per cent at N7,759.23 billion, while 68.2 per cent or N16,627.84 billion was for Domestic debt. Domestic Debt Service for 2018 fiscal year stood at N1,797.90 billion compared to the budgeted estimate of N1,759.76, while external debt service amounted to N292.40 million compared to the budgeted estimate of N254.08 million. Debt (external and domestic debt) to GDP ratio as at the end of December 2018 stood 19.1 per cent as at the end of December 2018.

THE 2017 BUDGET

The 2017 tagged Budget of Recovery and Growth was prepared amid domestic economic recession while the global economy was showing signs of recovery. The 2017 budget stood at ₦7,441.14 billion, higher than 2016 budget by about 20.4 per cent. Budget assumptions included an oil benchmark price of US$42.50 per barrel, oil production of 2.2 million barrels per day and an exchange rate of N305.0/US$. Of the Total budgeted aggregate expenditure of ₦7,441.14 billion, ₦2,174.50 billion, and ₦4,832.27 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N10.74 trillion (49.7 per cent oil revenue and 50.3 per cent non-oil revenue).

2017 Budget Performance:

Revenue

During the year, oil prices averaged US$54.27 per barrel while production in the final quarter of the year was of 1.95 mbpd. Oil revenue amounted to ₦4,084.35 billion (59.4 per cent of actual revenue), indicating a variance of ₦1,250.10 billion (23.4 per cent) from the budgeted oil revenue of ₦5,334.45 billion. The gross non-oil revenues for the year amounted to ₦2,791.58 billion (40.6 per cent of actual revenue) signifying a deficit of ₦1,467.61 billion (34.5 per cent) below the annual projection of ₦4,259.19 billion.

Expenditure

Total expenditure incurred during the year amounted to ₦6,463.61 billion, short of the budget total expenditure of ₦7,441.18 billion indicating a variance of ₦977.57 billion (13.1 per cent). Recurrent expenditure stood at ₦4,589.22 billion compared to the budgeted amount of ₦4,832.27 while Capital expenditure stood at ₦1,439.97 billion compared to its budgeted amount of ₦2,174.50 billion.

Debt Management

In 2017, the fiscal deficit stood at N3,805.94 billion, compared to the budgeted amount of N2,356.77 billion. Total public debt stock as at end December 2017 stood at N21,725.77 billion, representing a year-on-year increase of 25.1 per cent. External debt accounted for 26.6 per cent at N5,787.51 billion. Domestic debt, on the other hand, amounted to N15,938.26 billion or 73.4 per cent of total debt. Domestic Debt Service for 2017 fiscal year stood at N1,455.53 billion compared to the budgeted estimate of N1,488.00 billion, while external debt service amounted to N181.40 billion compared to the budgeted of N175.88 billion. Debt (external and domestic debt) to GDP ratio as at the end of December 2017 was 20.12 per cent.

THE 2016 BUDGET

The 2016 Budget, tagged Budget of Change, was passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria in May 2016. The 2016 Budget was anchored on six pillars viz: Economic reforms, Infrastructure, Social Development, Government and Security, Environment and States and Regional Development. It was guided by the 2015 -2018 Medium Term Fiscal Framework (MTEF) and Fiscal Strategy Paper. The budget stood at N6,060.48 billion, with major assumptions of oil benchmark price of US$38.0 per barrel, oil production of 2.2 million barrels per day and an exchange rate of N197.0/US$. Budgeted aggregate expenditure amounted to N6,060.48 billion, of which N1,587.40 billion and N4,121.71 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N9,715.19 billion (36.4 per cent - Oil revenue and 63.6 per cent - non-oil revenue).

2016 Budget Performance:

Revenue

In 2016, actual oil price per barrel was US$49.47 on the average, and oil production was about 1.76 mbpd for the year. Oil revenue amounted to N2,695.43 billion or 23.0 per cent below the budgeted oil revenue of N3,534.83 billion and contributed 53.4 per cent to the total revenue. Aggregate non-oil receipts in 2016 amounted to N2,347.96 billion implying a shortfall of N1,866.50 billion (44.3 per cent) below the budget of N4,214.46 billion thereby contributing 46.6 per cent to total revenue. The total revenue amounted to N5,043.39 billion which was N2,705.90 billion (34.9 per cent) below budgeted sum of N7,749.29 billion.

Expenditure

Total expenditure incurred during the year amounted to N4,396.24 billion, short of the budget total expenditure of N6,060.48 billion by 27.5 per cent. Recurrent expenditure stood at N3,979.15 billion compared to the budgeted amount of N4,121.71 while Capital expenditure stood at N173.09 billion compared to its budgeted amount of N1,587.40 billion.

Debt Management

Actual fiscal deficit (N2,194.44 billion) was 0.5 per cent less than budgeted amount (N2,204.74 billion). Year on Year, total public debt stock increased 37.7 per cent to N17.360.01 billion as end December 2016. Of the total debt, External debt accounted for 20.0 per cent at N3.478.92 billion, while Domestic debt accounted for 80.0 per cent at N13,881.09 billion. Domestic Debt Service for 2016 fiscal year stood at N1,228.76 billion compared to the budgeted estimate of N1,307.4 billion, while external debt service amounted to N107.69 billion compared to the budgeted of N54.48 billion. Debt (external and domestic debt) to GDP. The total public Debt/GDP ratio stood at 16.27 per cent as at the end of December 2016.

THE 2015 BUDGET

The 2015 budget, themed Transition Budget and Hope was passed in April 2015, amidst price and demand shocks in the global oil markets. It incorporated measures aimed at ensuring prudent management of the economy. It was formed on the basis of the assumptions of the 2015 – 2017 Medium Term Fiscal Framework (MTFF) and developments in the domestic and global economy. The 2015 budget stood at ₦5,067.90 billion and was based on an oil benchmark price of US$53.0 per barrel, oil production of 2.28 million barrels per day and an exchange rate of N190.0/US$. Budgeted aggregate expenditure amounted to ₦5,067.90 billion, of which ₦557.00 billion and ₦4,124.67 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at about N9,780.00 billion (55.5 per cent oil revenue and 44.5 per cent non-oil revenue).

2015 Budget Performance:

Revenue

Oil prices averaged US$43.69 per barrel by the fourth quarter of 2015 with oil production of about 2.19 mbpd during the same period. Oil revenue amounted to ₦3,753.55 billion (61.5 per cent of actual revenue), which is ₦1,677.65 billion) below the budgeted oil revenue of ₦5,431.20 billion. The gross non-oil revenues for the year amounted to ₦2,353.75 billion (38.5 per cent of actual revenue) signifying a deficit of ₦1,220.36 billion (34.1 per cent) below the annual projection of ₦3,574.11 billion.

Expenditure

Total expenditure incurred during the year amounted to ₦4,767.36 billion, 5.9 per cent lower than the budgeted amount of ₦5,067.90 billion. Recurrent expenditure was higher by ₦514.22 billion at ₦3,610.45 billion compared to the budgeted amount of ₦4,124.67. Budgeted capital expenditure was saw a steep decline at ₦557.00 billion from previous years (2012- 2014), actual capital expenditure was recorded at ₦601.27 billion.

Debt Management

In 2015, the fiscal deficit stood at N1,527.12 billion, compared to the budgeted amount of N1,615.54 billion. Total public debt stock as at end December 2015 stood at N12,603.71 billion. External and domestic debt constituted 16.8 per cent (N2,111.53 billion) and 83.2 per cent (N10,492.18 billion), respectively. Domestic Debt Service for 2015 fiscal year stood at N996.80 billion compared to the budgeted estimate of N894.61 billion, while external debt service amounted to N63.59 billion compared to the budgeted of N59.01 billion. Debt (external and domestic debt) to GDP ratio as at the end of December 2015 stood at 13.6 per cent, significantly below the global threshold of 40 per cent, while retained revenue to GDP was 3.6 per cent.

THE 2014 BUDGET

The 2014 budget of Jobs and Inclusive growth was passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria in April 2014. The 2014 Budget gave priority to key sectors of the economy including Agriculture, Water Resources, Education, Health, Power, Transport, Works, Aviation, Niger Delta, and Security. The budget as passed by the National Assembly in April 2014 stood at N4,695.19 billion. Major Budget assumptions include an oil benchmark price of US$77.5 per barrel, oil production of 2.39 million barrels per day and an exchange rate of N160.0/US$. Budgeted aggregate expenditure amounted to N4,695.19 billion, of which N1,119.62 billion and N3,166.89 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N10,875.5 billion (65.9 per cent -Oil revenue and 34.1 per cent -Non-oil revenue).

2014 Budget Performance:

Revenue

In 2014, the average oil price per barrel was US$76.28 and oil production was about 2.12 mbpd for the year. Oil revenue amounted to N6,733.77 billion or 6.0 per cent below the budgeted oil revenue of N7,164.81 billion and contributed 72.4 per cent to the total revenue. Aggregate non-oil receipts in 2014 amounted to N2,567.74 billion implying a shortfall of N268.81 billion (9.5 per cent) below the budget of N2,836.55 billion thereby contributing 27.6 per cent to total revenue. The total revenue amounted to N9,301.51 billion which was N699.85 billion (7.0 per cent) lower than the budgeted revenue of N10,001.36 billion.

Expenditure

Total expenditure incurred during the year amounted to N4,132.42 billion, representing a negative variance of N562.77 when compared with budgeted total expenditure of N4,695.19 billion. Recurrent expenditure (N3,158.44 billion) was lower than the budgeted amount of N3,166.89, by 0.2 per cent. Capital expenditure which stood at N581.61 billion was 48.1 per cent below the budgeted amount of N1,119.62 billion.

Debt Management

In 2014 fiscal deficit stood at N881.11 billion, compared to the budgeted amount of N964.19 billion. Total public debt stock as at December 31, 2012 rose to N11.243.12 billion (11.9 per cent growth Y-O-Y). Of the total debt, External debt accounted for 14.3 per cent at N1,631.52 billion, Domestic debt accounted for 85.7 per cent at N9,611.6 billion. Domestic Debt Service for 2014 fiscal year stood at N880.39 billion compared to the budgeted estimate of N663.61 billion, while external debt service amounted to N61.28 billion compared to the budgeted of N48.39 million. Debt (external and domestic debt) to GDP ratio as at the end of December 2012 stood at 13.9 per cent.

THE 2013 BUDGET

The 2013 budget, themed Fiscal Consolidation with Inclusive Growth was passed into law by President Good luck Jonathan on February 26, 2013. It was formed on the basis of the assumptions of the 2013 – 2015 Medium Term Fiscal Framework (MTFF) and developments in the domestic and global economy. The 2013 Budget parameters include an oil benchmark price of US$79.0 per barrel, oil production of 2.52 mbpd and an exchange rate of N160.0/US$. The Budgeted aggregate expenditure for fiscal year 2013 amounted to ₦4,986.30 billion, of which ₦1,590.74 billion and ₦3,007.51 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N11,339.78 billion with 68.2 per cent from oil revenue and 31.8 per cent from non-oil revenue, respectively.

2013 Budget Performance:

Revenue

Oil prices averaged US$109.30 per barrel within the final quarter of the year with oil production of 2.15 mbpd during the same period. Oil revenue amounted to ₦6,795.61 billion (75.4 per cent of actual revenue), which is ₦938.54 billion (12.1 per cent) below the budgeted oil revenue of ₦7,734.15 billion. The aggregate non-oil receipts in 2013 amounted to ₦2,213.76 billion (24.6 per cent of actual revenue) depicting a shortfall of ₦637.93 billion (22.4 per cent) below the annual budget of ₦2,851.68 billion.

Expenditure

Total expenditure incurred during the year amounted to ₦4,560.81 billion, 9.62 per cent short of the budgeted amount of ₦4,986.30 billion. Recurrent expenditure was higher by 6.9 per cent at ₦3,007.51 when compared with the actual amount of ₦3,214.94 billion. Capital expenditure, on the other hand stood at ₦958.00 billion which was 39.8 per cent lower than the budgeted sum of ₦1,590.74 billion.

Debt Management

In 2013, the fiscal deficit increased N1,060.34 billion, which was 19.7 per cent higher than the budgeted amount of N885.87 billion. Total public debt stock as at end of December 2013 stood at N10,044.20 billion. Of the total debt, External debt accounted for 13.4 per cent at N1,016.72 billion, Domestic debt accounted for 86.6 per cent at N6,537.54 billion. Domestic Debt Service for 2013 fiscal year stood at N794.10 billion, while external debt service amounted to N55.71. Debt (external and domestic debt) to GDP ratio as at the end of December 2013 stood at 12.5 per cent, while retained revenue to GDP was 5.0 per cent.

THE 2013 BUDGET

The 2013 budget, themed Fiscal Consolidation with Inclusive Growth was passed into law by President Good luck Jonathan on February 26, 2013. It was formed on the basis of the assumptions of the 2013 – 2015 Medium Term Fiscal Framework (MTFF) and developments in the domestic and global economy. The 2013 Budget parameters include an oil benchmark price of US$79.0 per barrel, oil production of 2.52 mbpd and an exchange rate of N160.0/US$. The Budgeted aggregate expenditure for fiscal year 2013 amounted to ₦4,986.30 billion, of which ₦1,590.74 billion and ₦3,007.51 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N11,339.78 billion with 68.2 per cent from oil revenue and 31.8 per cent from non-oil revenue, respectively.

2013 Budget Performance:

Revenue

Oil prices averaged US$109.30 per barrel within the final quarter of the year with oil production of 2.15 mbpd during the same period. Oil revenue amounted to ₦6,795.61 billion (75.4 per cent of actual revenue), which is ₦938.54 billion (12.1 per cent) below the budgeted oil revenue of ₦7,734.15 billion. The aggregate non-oil receipts in 2013 amounted to ₦2,213.76 billion (24.6 per cent of actual revenue) depicting a shortfall of ₦637.93 billion (22.4 per cent) below the annual budget of ₦2,851.68 billion.

Expenditure

Total expenditure incurred during the year amounted to ₦4,560.81 billion, 9.62 per cent short of the budgeted amount of ₦4,986.30 billion. Recurrent expenditure was higher by 6.9 per cent at ₦3,007.51 when compared with the actual amount of ₦3,214.94 billion. Capital expenditure, on the other hand stood at ₦958.00 billion which was 39.8 per cent lower than the budgeted sum of ₦1,590.74 billion.

Debt Management

In 2013, the fiscal deficit increased N1,060.34 billion, which was 19.7 per cent higher than the budgeted amount of N885.87 billion. Total public debt stock as at end of December 2013 stood at N10,044.20 billion. Of the total debt, External debt accounted for 13.4 per cent at N1,016.72 billion, Domestic debt accounted for 86.6 per cent at N6,537.54 billion. Domestic Debt Service for 2013 fiscal year stood at N794.10 billion, while external debt service amounted to N55.71. Debt (external and domestic debt) to GDP ratio as at the end of December 2013 stood at 12.5 per cent, while retained revenue to GDP was 5.0 per cent.

THE 2012 BUDGET

The 2012 budget of Fiscal Consolidation, Inclusive growth and Job creation was passed by the National Assembly and assented to by the President of the Federal Republic of Nigeria in April 2012. The 2012 Budget gave priority to key sectors of the economy including Agriculture, Water Resources, Education, Health, Power, Transport, and Security amongst others. The budget as passed by the National Assembly in April 2012 stood at N6,247.94 billion. Major Budget assumptions include an oil benchmark price of US$72.0 per barrel, oil production of 2.48 million barrels per day and an exchange rate of N155.0/US$. Budgeted aggregate expenditure amounted to N4,697.21 billion, of which N1,339.99 billion and N2,984.63 billion were allocated to capital expenditure and recurrent expenditure, respectively. Gross Federally Collectible Revenue was projected at N9,692.5 billion (68.5 per cent-Oil revenue and 31.5 per cent non-oil revenue).

2012 Budget Performance:

Revenue

In 2012, oil prices averaged US$110.03 and oil production was about 2.2 million barrels per day (mbpd) at year end. Oil revenue amounted to N8,025.95 billion (79.8 per cent of actual revenue), which is 20.9 per cent above the budgeted oil revenue of N6,636.51 billion. Aggregate non-oil receipts in 2012 amounted to N2,033.63 (20.2 per cent of actual revenue) billion implying a shortfall of N314.07 billion (13.4 per cent) below the budget of N2,347.70 billion.

Expenditure

Total expenditure incurred during the year amounted to N4,131.23 billion, which was 12.0 per cent short of the budgeted total expenditure of N4,697.21billion. Recurrent expenditure was higher by 3.2 per cent at N3,079.58 billion, compared with the budgeted amount of N2,984.63, while Capital expenditure stood at N744.42 billion, which is 44.4 per cent lower when compared with the 2012 budgeted amount of N1,339.99 billion. An aggregate of N2,400.30 billion was spent on recurrent (non-debt) expenditure representing a variance of N24.75 billion (1.0 per cent) when compared with the annual budget of N2,425.05 billion.

Debt Management

In 2012 fiscal deficit saw a decrease of 11.9 per cent falling from the budgeted amount of N1,136.19 billion to N1,000.14 billion. Total public debt stock as of December 31, 2012 stood at N7,554.26 billion. Of the total debt, external debt accounted for 13.4 per cent at N1,016.72 billion while domestic debt accounted for 86.6 per cent at N6,537.54 billion. domestic debt payment for the year was N632.86 billion compared with the budgeted estimate of N511.98 billion indicating an increase of N120.88 billion (23.6 per cent), while external debt service amounted to US$293 million compared to the budgeted of US$388.1 million. Debt (external and domestic debt) to GDP ratio as at the end of December 2012 stood at 19.4 per cent, which is significantly below the global threshold of 40 per cent, while retained revenue to GDP was 14.7 per cent.

THE 2011 AMENDED BUDGET

The 2011 Budget witnessed a long delay in passing by the National Assembly (NASS). Its total aggregate expenditure as finally amended by the NASS in May 2011 stood at N4,485.6 billion. Of which capital expenditure, statutory transfers and recurrent expenditure were N1,148 billion, N417.6 billion and N2,920 billion, respectively. The total level of deficit financing was estimated at 2.96 per cent of GDP. Oil production was projected at 2.3 million barrels per day.

2011 Budget Performance:

Revenue
The 2011 Elections, the subsequent inauguration of a new Administration in May 2011 and the passage of the 2011 Amendment Budget in same month all affected the implementation of the budget in 2011. The implementation of the 2011 Budget indicates that revenue performance improved during the year over the level in 2010.

Oil prices averaged US$114.07 per barrel while actual oil production recorded 2.40 mbpd for the year 2012. This resulted in actual gross oil revenue of N8,848.62 billion or 29.83 per cent exceeding the 2011 budget estimate of N6,815.63 billion. On the other hand, non-oil revenue of N1,139.01 billion was; however, lower than the 2011 budget estimate of N1,298.33 billion by N159.32 billion or 12.27 per cent.

The actual Federal Government retained revenue in 2011 stood at N3,140.64 billion indicating a short fall of N252.69 billion or 7.45 per cent when compared with the 2011 budget estimate of N3,393.20 billion. The sources of Federal Government revenue were: FGN share of the Federation Account Allocation Committee (FAAC) N2,792.51 billion or 88.92 per cent, FGN Independent Revenue N182.49 billion or 5.81 per cent, FGN share of VAT N87.29 billion or 2.78 per cent, External Creditor Funding N41.66 billion or 1.33 per cent, 2010 Unspent Balance N19.76 billion or 0.63 per cent, Plea Bargain N8.70 billion or 0.28 per cent and FGN Balance of Special Accounts N8.23 billion or 0.26 per cent.

Expenditure
The actual aggregate expenditure of the Federal Government in 2011 stood at N4,299.16 billion. The breakdown of FGN expenditure in the period showed the following: Recurrent (non-debt) Expenditure (N2,527.26 billion), Capital Expenditure (N809.96 billion), Statutory Transfer (N326.27 billion) and Debt Service (N527.07 billion). The implementation of the capital budget had been slow and inefficient, and had been extended to March, 2012.

The overall budget deficit for the period stood at N1,158.52 billion. This indicated that the Federal government's total expenditure exceeded its revenue in the review period.

THE AMENDED AND SUPPLEMENTARY BUDGETS OF 2010

The 2010 Appropriation Bill was passed by the National Assembly and assented to by Mr. President in April 2010. In the light of prevailing revenue realities and some unanticipated expenditure items such as the wage increases awarded to civil servants, university lecturers, and medical personnel, Power Holding Company of Nigeria (PHCN) arrears of monetisation and additional funding for Independent National Electoral Commission (INEC), there was a need to review the 2010 Appropriation and this resulted in two Supplementary Budgets. Following a series of consultations between the Executive and Legislature, the amended budget as passed by the National Assembly (NASS) in May 2010 stood at N4,427 billion. It was based on an oil benchmark price of US$60.0 per barrel in line with the oil-price based fiscal rule, oil production of 2.25 million barrels per day and an exchange rate of N150.0/US$. The first and second supplementary budgets appropriated were N644.75 billion and N87.72 billion, respectively. Therefore, the aggregate expenditure approved in the 2010 Budgets amounted to N5,160 billion, of which N1,765 billion and N2,669 billion were allocated to capital expenditure and recurrent expenditure, respectively.

2010 Budget Performance:

Revenue
Oil prices averaged US$81 per barrel with oil production of 2.462mbpd for the year, resulting in gross oil revenue of N5,396 billion or 10 per cent above the budgeted revenue of N4,902 billion while FGN retained Revenue of N2,960 billion was realised, compared with N3,180 billion projected, representing a shortfall of N221.15 billion or 6.95 per cent as at end-December 2010.

The FGN's share of oil revenue was short by N188.6 billion or 12.96 per cent of the budget of N1,456 billion at N1,267 billion. Its aggregate share of VAT, CIT and Custom Duties fell short of N530.1 billion target by 1.70 per cent with N521.05 billion realised as at end-December 2010. Non-oil revenue collection showed that CIT, performed above budget by 12.63 per cent, while Customs collection fell by 22.74 per cent. FGN's aggregate share of VAT, CIT and Customs Duties fell short by N9.05 billion or 1.70 per cent of the budgeted N530.1 billion to N521.05 billion as at end-December 2010.

Expenditure
Of the 2010 budget total expenditure of N5,160 billion, actual expenditure stood at N4,050 billion or 78.48 per cent. Actual aggregate expenditure including recurrent releases were on track for personnel cost, overheads, statutory transfers and debt service charges amounting to N3,163.19 billion in 2010, compared with the amended 2010 budget of N3,395.21 billion.

Of the N1,765 billion earmarked for capital expenditure, only N956.11 billion was released and cash-backed. Of the N956.11 billion released and cash-backed, Government utilised N935.61 billion which put the average capital utilization at 97.86 per cent as at end-March 2011, compared to 70.42 recorded as at end-December, 2010.

The total level of deficit (financing) was 6.06 per cent of GDP in 2010. The major concern with respect to the budget performance was the inefficiency in government spending and increased wage bill from N857.04 billion in 2009 to N1,381 billion in 2010.<

2008 | 2009 |
2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996
1995 | 1994 | 1993 | 1992 | 1991 | 1990 | 1989 | 1988 | 1987 | 1986