Monday, November 12, 2007

2008 proposed budget

The Ministry of Finance releases its proposed budget breakdown - click here - an unprecedented act of information transparency. Key stats from the budget speech are:

• N444.6 billion for Security and the Niger Delta, which is 20% of the total Federal Government Budget, up 6.5% from 2007 allocation;
• N210 billion for Education or 13% of the total MDA spending;
• N139.78 billion for the Energy sector, excluding National Integrated Power Projects which will be implemented through alternative funding; and
• N121.1 billion, that is 7% of total budget, for Agriculture and Water Resources.

13% for Education is an improvement, but nowhere near the 20%+ that is required to stop the meltdown.


Toks- Boy 9:54 am  

Jeremy I have not read through the whole thing but I clicked on Communications and unless I am reading it wrong there is a provision in there for N350m for miscelleneous. That is a hell of a lot of miscellany!! Or have I got the wrong end of the stick?

Patrice,  8:19 pm  

I glanced at the budget speech, and this got my attention.

2007 Budget
Predicated on an oil production volume of 2.5 million barrels per day at a price of US $40 per barrel

2008 Budget
Key assumptions and targets:
Oil price of US $53.83 per barrel

If this is true, then there ought to be an enormous budget surplus in 2007 and especially in 2008. Oil started the year at above US $50 per barrel and is today at US $95 per barrel today.

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