President Goodluck Jonathan has proposed a budget of N4.92 trillion for the 2013 fiscal year.
Addressing a joint session of the National Assembly, the President said the budget which is based on fiscal consolidation has the deficit reduced to 2.17% from the 2.85% of 2012.
The Ministry of Education will receive the largest chunk of the 2013 Budget. At N426.5 billion, Education beats Defence (N348.9 billion) and Police Affairs (N319 billion) into second and third place. Other highlights are Power (N74.2 billion), Health (N279 billion) and Agriculture (N81 billion).
The budget maintains a crude oil benchmark of $75 per barrel as provided in the Middle Term Expenditure Framework with a reduction in the recurrent expenditure and increase in the capital expenditure. The House of Representatives, however insists on increasing the oil benchmark to $80.
Speaker of the House of Representatives, Aminu Tambuwal, while giving the vote of thanks on behalf of the National Assembly, thanked the President for conforming with the Act that mandates the budget to be submitted three months before the beginning of a fiscal year. He also commended the President on the visit and for “undertaking this very important constitutional responsibility of the laying of the year 2013 budget estimates”.