From The Federal Ministry Of Finance
Press Release
THE PROPOSED BUDGET OF THE FEDERAL MINISTRY
OF FINANCE IS PRUDENT AND REASONABLE
Finance Minister, Dr. Ngozi Okonjo-Iweala,
Since the presentation of the 2013 Budget draft to the
National Assembly by President Goodluck Jonathan, we have received a lot of
positive feedback from Nigerians in different parts of the country.
In particular, the fact that the budget presentation
took place in October, the earliest in recent memory, was highly commended by
many Nigerians who have reached out to us.
Many other aspects of the budget also received
commendation. They include:
-
the focus on power supply, roads,
rail and aviation safety
-
the robust plans to reduce domestic
debt, recurrent expenditure and the fiscal deficit.
-
gender-friendly nature of the budget
and the provisions made to boost maternal and child welfare.
President Goodluck Jonathan Shakes Hands With
Dr. Ngozi Okonjo-Iweala
We welcome this dialogue on the budget because we believe that transparency is a key ingredient of an effective budget process. The budget is for the Nigerian people and they have a fundamental right to have their say on it.
It is in this spirit that we take some comments on some
aspects of the budget of the Federal Ministry of Finance even when the motives
of some of those making the comments may not be positive. The aspects which have
attracted comments include provisions made for personnel, overheads, capital
expenditure, sitting allowances, refreshments, travels and training.
In responding to these comments, it is important to keep
the following facts in mind:
·
The total budget proposal for the
Federal Ministry of Finance is N5,599,576,180. This represents 0.11% of the
entire budget estimates.
·
The budget for the Ministry together
with its agencies is N14,759,952,111. This comes to 0.30% of the total budget.
·
The agencies are Debt Management
Office, Budget Office of the Federation, Office of the Accountant-General of the
Federation, Investment and Securities Tribunal and the National Insurance
Commission.
·
The provisions made for personnel,
overheads, sitting allowances and travels, training and so on are modest and
justifiable. It is important to keep in mind that the ministry pays for a lot of
studies and investigations done for other parts of government in various areas
of economic reform, including pensions, public service reforms, housing and
mortgage etc. It also hosts experts from within and outside the country in
technical sessions and meetings in line with its mandate.
Hoping The Budget Will Address A Concern Like This
· The proposed annual budget for cleaning and fumigating the premises of the ministry – N43,381,673 – is certainly within the parameters of industry standards. Additionally, it is also important to keep in mind that the ministry is facing serious structural and environment challenges which have made these services very necessary.
The ministry under the leadership of Dr Ngozi
Okonjo-Iweala is very conscious of its key role and will continue to lead by
example in areas under its mandate. The focus as always is on managing the
finances of the country in a manner that protects and enhances the interests of
the country.
Paul C Nwabuikwu
Senior Special Assistant to the
Coordinating Minister for the Economy and Minister of
Finance
How will this proposed Budget better my life in 2013? Will it address the looming food crises in Nigeria? Prices of essential commodities have skyrocketed? People are finding it difficult to feed in a country so-endowed with rich resources like Nigeria! So, Madam minister, what hope is there in it for me in the coming year?
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