2011 4th Quarter And Consolidated Budget Implementation Report
Category: Nigerian Economy
16 July, 2012 /Budget Office of the Federation
The 2011 Budget was crafted with a focus on establishing and strengthening a sound macroeconomic environment to improve the socio-economic status of the Nigerian people. This was with a view to attracting investments, facilitate private sector growth, boost employment generation and ensure wealth creation and other socio-economic developmental goals under the Nigeria Vision 20:2020 framework.
2. With the aim of attaining these goals, the Government sought to prudently apply its limited resources by improving on efficiency in governance and curtailing expenditure of non-developmental nature, and promoting transparency and accountability in the administration of public resources. Notwithstanding these measures, the subsidy regime on petroleum products and the huge wage bill during the 2011 period posed critical challenges to meeting the government’s fiscal objectives. Efforts at saving potential losses through personnel expenditure and budget implementation progressed with improved implementation of the Integrated Payroll Personnel Information System (IPPIS) and the Government Integrated Financial Management Information System.
3. Against the backdrop of the global and domestic economic situation of recent years, the Administration, in this regard, is collaborating with our development partners in order to promote partnership with the private sector in the development and implementation of critical infrastructure projects.
4. This Report presents the implementation of the 2011 Budget in the fourth quarter and a consolidated report for the year. The rest of the Report is organized as follows: Chapter 2 presents a brief review of the macroeconomic environment under which the budget was implemented in the period; Chapter 3 provides a detailed analysis of government’s revenue receipts and expenditure in 2011. Chapter 4 gives a detailed report on the outcome of the physical monitoring of MDAs’ capital budget implementation within the period; and Chapter 5 provides a brief conclusion to the Report.