By YINKA KOLAWOLE
LAGOS – THE Federal Government has revised the 2012 budget proposals downward by about 2.11 per cent to N4,648.85 trillion (approximately N4.649 trillion).
This implies a reduction of about N100.25 billion from the N4.749 trillion budget proposal submitted to the National Assembly by President Goodluck Jonathan in December, 2011. The government is also projecting budget estimates of N4,828.19 billion and N4,925.63 billion for 2013 and 2014, respectively.
A Revised 2012–2014 Revenue and Expenditure Framework document obtained by Vanguard showed that the budget is based on the following assumptions: Oil production of 2.48 million barrels per day (mbpd); Benchmark oil price of US$70/barrel; and Exchange rate of N155/US$.
The revised budget showed estimated recurrent expenditure (non debt) for 2012 at N2.425 trillion, down from N2.472 trillion; capital expenditure N1.147 trillion, down from N1.32 trillion. Statutory transfers were put at N417.82 billion increased, up from N398 billion and N495.10 billion goes for debt servicing, down from N560 billion.
The Federal Government is also banking on revenue inflows of N3.462 trillion for the year including: Unspent balance from previous year N120 billion; FG share of Federation Account N2.558 trillion; FG share of VAT N107 billion; FG independent revenue N446.78 billion; and estimated FG’s balances of special accounts N43 billion, among others.
The document also revealed gross federally collectible revenue at N9.459 trillion, with crude oil sales estimated to be N3.587 trillion, royalties 711.24 billion, oil and gas petroleum profit tax N1.758 trillion, and gas sales estimated to be N352 billion.
Gross non-oil revenue is estimated to earn the government N2.794 trillion in 2012 including: Customs N600.58 billion; corporate tax N828.18 billion; Value Added Tax N802.86 billion; and FG independent revenue N446.78 billion.
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