Okonjo-Iweala presents N4.6tr budget to National Assembly

Dr. Okonjo-Iweala presenting the 2014 budget at the National Assembly

The Federal Government on Thursday presented N4.6trillon budget estimates to the National Assembly for consideration and approval for the 2014 fiscal year.

The budget was presented on the floor of the Senate by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.

Okonjo-Iweala told reporters after laying the budget that the expected revenue for the period is N3.73trillion while N1.1trillion is for capital expenditure.

She added that the N1.1trillion for capital expenditure represents 27 per cent of the budget while the recurrent expenditure of N3.5 trillion represents 72 per cent of the budget.

According to her, the N4.6 trillion is exclusive of the Subsidy Reinvestment and Empowerment Programme (SURE-P) funds.

Okonjo-Iweala said: “Aggregate expenditure excluding SURE – P funds is about N4.6 trillion and the revenue is about N3.73 trillion.

“The capital expenditure is about N1.1trillion and makes up about 27 per cent of the budget, the balance of course is the recurrent and it is about 72 per cent of the budget.

“The distinguishing feature between the 2013 budget and the 2014 budget is the focus we have on really continuing the successes that we had had in 2013 in creating jobs for young Nigerians and we are going to push it.”

The minister said the budget is for job creation and inclusive growth. “This budget is the budget for job creation and inclusive growth, meaning that, it is a budget which will continue the President’s Transformation Agenda for several sectors of the economy.

“The budget is going to support the push in agriculture. It will kick start the housing sector where we can create more jobs. It is designed to our policies that would support manufacturing because jobs would be created there.

“Industries will also be created in solid minerals. All these support will continued to be unleashed. Job creation is the key to really solving the problems of the Nigerian economy.

“All the programmes that create jobs are very well supported. The SURE-P is also part of it, community service programmes would be pushed and the YOUWIN programme would be pushed.

“The Infrastructure development is part of it, the Hon. Minister of transport is here, we have been working on rail development. Ministry of Niger Delta is also part of the infrastructure development, Water resources, FCT development and so on. We have privatised power but we will be working on the transmission to direct resources there.

“The distinguishing thing is that it is a continuation of what we have done before but with more emphasis on really pushing out jobs and also supporting safety nets that can further redistribute income to poor people in the country,” she stated.



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