...towards a better life for the people VOL. 25: NO. 62040
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ONLINE | www.vanguardngr.com
N150
FRIDAY, DECEMBER 20, 2013
OBASANJO/IYABO LATEST:
P.8
We won't intervene, say Yoruba elders
2014: FG targets jobs
in N4.6trn budget HIGHLIGHTS: BASELINE ASSUMPTIONS
zBenchmark Oil Price: $77.5pb zBudgeted Oil Production: 2.3883mbpd zAverage Exchange Rate: N160/$, same as in 2013 zReal GDP Growth Rate: 6.75%
•I'm disappointed in c'ttee's report 15 — Oduah
EXPENDITURE PROJECTIONS
zFiscal Deficit: N911.96 billion zFiscal Deficit as share of GDP: 1.90 zNew Borrowing Requirement: N571 billion, a decrease from N577 billion in 2013 C M Y K
BUJA—THE Fed eral Government yesterday presented a budget proposal of N4.6 trillion for the 2014 fiscal year to the National Assembly. The proposed budget christened ‘Budget for Job Creation and Growth’ represents N100 billion reduction from the N4.7 trillion
N225m cars: Reps ask Jonathan to sack Oduah
zGross Federally Collectible Revenue: N10.88 trillion zGross Federally Collectible Oil & Gas Revenue: N7.16 trillion zTotal deductions, including cost of crude oil production, subsidy payments, and domestic gas development is N2.15 trillion, same as in 2013. zSubsidy payments were maintained at the 2013 level of N971.1 billion. zGross Federally Collectible Non-Oil Revenue: N3.29 trillion zFGN Budget Revenue: N3.73 trillion
FISCAL BALANCE
A
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REVENUE PROJECTIONS
zAggregate Expenditure (Net of SURE-P): N4.642 trillion zAggregate Expenditure (Inclusive of SURE-P): N4.910 trillion zStatutory Transfers: N399.7 billion zINEC’s expenditure is to increase from the N32 billion provisioned in 2013 to N45 billion. This is to enable the Commission intensify preparations towards the 2014 elections. zNational Assembly’s allocation is to be maintained at the 2013 level of N150 billion. zThe provision for debt service is N712 billionfrom the 2013 level of N591.8 billion. zRecurrent (non-debt) Spending: N2.43 trillionfrom N2.80 trillion in 2013 zPersonnel cost increased slightly from the 2013 amendment Budget provision of N1.718 trillion to N1.723 trillionfor 2014. zCapital Expenditure: N1.100 trillion zShare of Capital in total Expenditure: 27.29%down from 31.9% in 2013 reflecting the increased allocation to pension as well as high wage bill zShare of Recurrent in total Spending: 72.71% zProvision for SURE-P: N268.37 billion
BY JOHNBOSCO AGBAKWURU & JOSEPH ERUNKE
COLUMNIST:
BUDGET 2014: Minister of Finance and Co-ordinating Minister of
the Economy, Dr. Ngozi Okonjo-Iweala laying the 2014 Budget Proposal before the Senate in Abuja, yesterday. Photo: NAN.
Patients desert hospitals as doctors' strike grounds services 14 Candidates record mass failure in Nov/Dec GCE exams 9
•P.17
Mr & Mrs