Date Published: 04/22/10

2010 Budget to accelerate Nigeria’s Economic Recovery – Jonathan

Acting President Goodluck Jonathan has said the 2010 Budget will accelerate Nigeria’s economic recovery through targeted fiscal interventions aimed at stimulating the economy, sustaining private sector growth and enhancing the pace of national development.

He stated this today at the signing ceremony of the N4.6 trillion Budget for the year 2010, in State House, Abuja. The ceremony was witnessed by the President of the Senate, Senator David Mark, the Acting Speaker of the House of Representatives, Rt. Hon. Usman Bayero Nafada, the Deputy Senate President, Senator Ike Ekweremadu, as well as other leaders of the National Assembly.

The budget was predicated on Government’s economic outlook for the fiscal year including oil production capacity of 2.35 million barrels per day, oil price benchmark of $67 per barrel and an average exchange rate of N150 to the US dollar.

“I sign this Budget into law authorizing aggregate expenditure of N4.6 trillion, so that this appropriated expenditure may be rapidly utilized to accelerate initiatives to enhance the pace of development of our nation,” Jonathan stated.

The Acting President said the recently reconstituted Federal Cabinet understands the importance of delivering on the present administration’s promises to Nigerians and directed Ministers in the cabinet to ensure proper and efficient administration of their sectoral budgets.

Dr. Jonathan said increased emphasis will be placed on monitoring the deliverables of MDAs by tracking the output of the financial and other resources appropriated under their stewardship.

“In this regard, the office of the Hon. Minister for Special Duties will be structured and empowered to undertake the task of monitoring and evaluation of all government projects and activities. This Administration will quickly move to identify and resolve impediments to implementation, rewarding excellence in performance and applying sanctions where otherwise,” he stated.

While thanking both Chambers of the National Assembly for their invaluable contribution to the budgeting processes, Dr. Jonathan however noted that the Executive pointed out certain aspects of the appropriated expenditure which the leadership of the Legislature has agreed will be resolved.

The Acting President said though a budget proposal of N4.4trillion was presented to the National Assembly in November 2009, the Legislature reviewed and passed an Appropriation Bill of N4.6trillion with a deficit of N1.52 trillion or 4.66% of GDP.

Eno Olotu (Mrs)

for: SSA Media and Publicity to the Acting President

Thursday