By Tekedia Editors January 13, 2012 32 Comments

nigerian budget 2012

For the 2014 budget, click here.

 

 

As Dr. Ngozi Okonjo-Iweala promised, Nigeria’s 2012 budget came out on time. Science and Technology got N31 billion while the newly created communication technology ministry obtained N18 billion. The government actually increased the allocation for broad science and technology sector. For 2011, the total budget for Science and Tech was N28 billion. When you  add up the 2012 numbers for both S&T and the new ICT ministry, government has allocated N49 billion for technology for 2012. That is impressive!

 

Allocations to some critical sectors of the economy are as follows:

  • Security – N921.91 billion;
  • Power [including Bulk Trader, Nelmco, and Multi-Year Tariff Order (MYTO)] -N161.42 billion;
  • Works – N180.8 billion;
  • Education [excluding Universal Basic Education Commission, Petroleum Technology Development Trust Fund (PTDF) & Education Trust Fund] – N400.15 billion;
  • Health – N282.77 billion;
  • Agriculture & Rural Development – N78.98 billion.
  • Water Resources – N39 billion;
  • Petroleum Resources – N59.66 billion;
  • Aviation – N49.23 billion;
  • Transport – N54.83 billion;
  • Lands & Housing – N26.49 billion;
  • Science & Technology – N30.84 billion;
  • Niger Delta – N59.72 billion;
  • Federal Capital Territory Administration (FCTA) – N45.57 billion
  • Communications Technology  – N18.31 billion.

 

The 2012 Budget is based on the following assumptions:

  • Oil production of 2.48 million barrels per day (mbpd) up from 2.3mbpd for 2011;
  • Benchmark oil price of US$70/barrel, a cautious revision from the US$75/barrel approved in the 2011 Amended Budget;
  • Exchange rate of NGN155/US$;
  • Projected GDP growth rate of 7.2%; and
  • Projected inflation rate of 9.5%.

 

Aggregate expenditure proposed for the 2012 fiscal year is N 4.749 Trillion, an increase of 6%over N 4.484 Trillion appropriated for 2011.

 

Recurrent expenditure proposed for 2012 budget will consume a whopping 72% of the expenditure.

 

Capital expenditure proposed is a modest 28%.

 

Fiscal deficit is projected at about 2.77% of GDP in the 2012 Budget compared to 2.96% in 2011.

 

Editor’s Note: Updated with the pie chart from Budgit. 

 

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Comments:
  1. This is commendable. The early releae of the budget will give room for planning. Kudos for this development which is a different from practice in time past.

  2. I tink dat d F.G shld focus on der budget mor on education,agriculture nd health sector dan oder sectors of d economy,cuz dey ar d most important 2 d citizens of d federation

  3. Federal govt shuld try to met up with 2012 budgeting, the way it was stated by Dr Ngosi. There shuld be more focus on Education, Health, Agriculture, Science and technology, Good Road, and Security.

  4. Government should forget about any new project for now and improve on the established ones. We don’t need this much on security after spending so much on security during 2011 election and after the bomb blast at our 50th anniversary. We don’t even need new roads, schools and hospital. Please let them work on the old ones and make it better.

  5. No big deal about d budget.it does not look like a budget of a govt dat wants to make a difference. 78% commited to recurrent mainly salaries and huge allowances of govt officials leaving 28% for capital projects….shame. Lunatics could have done better.

    • U spoke ur mind but ur tone is caustic. I know this is caused by the prevalent flagrant and blatant corruption by our leaders. Don’t get too boiled up they are not ready to change though they know what is right. Let us individually change our attitude of selfishness because it is after these is done we can correct by example which is more effective.

  6. Why can’t we for once be sincere with our budgeting,where is the remaining money going to?How much is allocated to Pres.Jonathan for food,let them tell us all this.

  7. Why can’t we for once be sincere with our budgeting,where is the remaining money going to?How much is allocated to Pres.Jonathan for food

  8. The percentage given to Agriculture and Rural Development in the Budget is too poor. It’s contrary to the FG claims to diversify our Economy.

  9. i dnt mch problem wit nigeria burget, bt dey have neva practise good implimentation of dis so called burget and d allocation for dem. In d interest of growth in nigeria, i would even prefer little burget allocation with full implimentation, as dis we hlp in alleviatin d untold hardship faced by nigerians, mostly dose in rural areas.

  10. A budget without due implementation is no budget. So I urge our govt to ensure strict compliance to the content of this budget. God Bless Nigeria our leaders with wisdom to manage the Blessings of vast resources He has given us!!!

  11. The budget is good and understandable but the most important issue is that the president and appropriate agency’s monitors the full and completes implementation of this budget without fear or favor so that rapid development will be facilitated and the level of pple’s trust for the sincerity of this administration can be enhanced and widened.

  12. MR president, dnt mind al of d people dat say u pumb money into a security.dis our Nig we nd many diff security in dis country. Mr president i would let u make a National Task Force as a one of d new security u wnt to include. thnks sir mr president i am Alabi Adedamola i ve 1derful day .

  13. Is this the first time these guys would publish fantastic budgets that never yields result?at the end of the day,what we get is a nation with stagnant science and technology,caused by lack of electricity and broken promises.its in this same country that we’ve seen leaders that led for 8 year and were unable to execute/tackle the problem of electricity which was his principalfocus before assuming office.yet,nothing was done to that effect!I believe what we need is eradication of corruption from the system,and not some freakingly sweet looking budget that never was!

  14. NIGERIA BUDGET IS ALWAYS FOCUS ON POLICY THAT AFFECT COMMON PEOPLE BUT IMPLEMENTATION CONCEPT IS ALWAYS FOCUS ZERO
    THANKS
    FOLUSHO

  15. If govt budgeted purchacing photocoping machine cost N30 674 708 in 2011 how much does one photocoping machine cost and how many wa bought ?
    And do they expire after 1yr that the 2012 budget carries another tense of millions.There has never be any sincerity and trust me there can be any in govt.

  16. Amount / No. of days in a year
    1000,000,000/ 360 = 2777777.777777778
    that is, they will spend per day 2,777,777.8.

    Per day / 3square meal
    2777777.777777778 / 3 =925,926. per meal.

    That is, for every meal
    1 Cow 200,000
    1 bag of rice extra original 15,000.
    1 keg of oil 15,000.
    1 basket of tomatoes 5,000
    1basket of tatashe 4,000
    1 grounding machine 5,000
    1 bag of salt 2,000
    1 pack of maggi 1,000
    other ingredient 5,000
    bottle water 3,000
    other we can’t remember and that are need for baba presy 20,000
    chef 20,000
    Note : this is for one mail and will be consumed at once.
    Haba presy how many belle you get self, this is grossly fraud and EFCC should investigate

  17. 2011 budget :REHABILITATION OF DODAN BARRACKS, LAGOS
    400 000 000
    2012 budget :REHABILITATION OF DODAN BARRACKS, LAGOS
    200 and something million.

    same place ,Meaning what?
    then what will it cost to buy a land and build DODAN BARRACKS, LAGOS all over again

  18. Pls our government be sincere wit us. There are so many re-occuring projects in ur budget eg electricity etc. Implement projects dat wil benefit d citizens. Many of ur citizens sleep on empty belly each day. Are u hapi about dat? Hmm we go vex one day oo.

  19. D billions of nira approprated 2 security is so much cos it wil eventually get into d pocket of just a group of pple.its just 4 govt 2 enforce al law patainning 2 security arest ofendas n give proper punishment which does not require such amont of money thanks.

  20. Of a truth, past leaders have failed us, but it is never a basis for us not to try to trust again. You know what? If a man always refuses to accept lies because of his evident wisdom,I assure you that when the truth will come, he will certainly refuse it. Lies and truth are intertwined; please, Nigerians, let’s give DR GOODLUCK JONATHAN a fair and sincere chance to prove himself. May God bless NIGERIA!

  21. am stil wonderin wen all nigerians will eat d three square meal and be full.if democracy is not takin us anywhere lets just give millitants to try out.

  22. Is dis govt serious at all? Imagine what is will be spent on Security! What happen to Power and Agriculture? These are important sectors that will go a long way solving the Nigerian problems such as insecurity and unemployment etc. How then will the economy be diversified?

  23. With this budget i think nigeria is heading somewhere but more need to done.

  24. If this budget is truly and transperently implemented, our Nigeria will become a home for us all to smile in.But the prevalent and volatile rate of corruption will always take it’s cut off the budget, leaving a meagre percentage for the purpose.

  25. Why is it dat nigeria is no long Putting attension into dis agricultural section where men fight for self employment, moving from one sector to another even practicing d mixed economy why?

  26. nothing we can say to nigerian government than pray for them may ALLAH touch their mine to do the right things $ protect us

  27. The government should please increase the allocations

    to water resources so as to provide potable water to Nigerians. thanks

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