The Federal Executive Council (FEC) has approved the draft framework for the 2013 Budget for early consideration of the National Assembly in September.
Briefing State House Correspondents after the meeting Dr. Ngozi Okonjo-Iweala, said that the theme for next year’s budget is Fiscal Consolidation with Growth and Job Creation.
Giving highlights of the budget, the Minister said that the key strategy is for the federal government to continue the downward trend in recurrent expenditure from 71.47 per cent in 2012 to 68.66 per cent in 2013.
According to her, the upward trend in capital expenditure will also be increased from 28.53 per cent in 2012 to 31.34 per cent in 2013.
She said that the projected revenue for 2013 is N3.891trillion while expenditure will be N4.929 trillion.
Oil bench mark for the budget will be at $75 per barrel compared to $72 for 2012, while crude oil production will be 2.53 million barrel a day.
Dr. Okonjo-Iweala noted that the Goodluck Jonathan’s administration will continue to manage the budget prudently, transparently and as efficiently as possible.
She also revealed plans by the federal government to introduce a sinking fund of N25 billion in the new year to retire the domestic debts that have been building up, as well as N75 billion to help retire a bond that is due in February next year.
She said that government will continue to manage down the yearly borrowing from N852 billion in 2011, to N744 billion in 2012 and now projecting N727 billion in 2013.