The Minister of Finance, Dr Ngozi Okonjo-Iweala Thursday presented N4.6 trillion budget estimates to the National Assembly for consideration and approval the 2014 fiscal year.
According to Okonjo-Iweala, who doubles as the Coordinating Minister of the Economy, the 2014Appropriation Bill excludes the Subsidy Reinvestment and Empowerment Programme (SURE-P) fund.
The Minister said the focus of the budget would be on job creation. “This budget is the budget for job creation and inclusive growth meaning that it’s a budget which will continue the president’s transformation agenda for several sectors of the economy.
“The budget is going to support the push in agriculture, it will kick start the housing sector where we can create more jobs, it is designed to our policies that would support manufacturing because jobs would be created there.
“Industries will also be created in solid minerals. All these support will continued to be unleashed. Job creation is the key to really solving the problems of the Nigerian economy.
“Aggregate expenditure excluding SURE – P funds is about N4.6 trillion and the revenue is about N3.73 trillion. The capital is about N1.1trillion and makes up about 27 percent of the budget, the balances of course is the recurrent, it is about 72 percent of the budget.
“The distinguishing feature between the 2013 budget and the 2014 budget is the focus we have on really continuing the successes that we had in 2013 on creating jobs for young Nigerians, we are going to push it.
“All the programmes that create jobs are very well supported, the SURE – P is also part of it, community services programmes would be pushed, the You win programme would be pushed. The Infrastructure development is part of it, the Hon minister of transport is here, we have been working on rail development.
“Ministry of Niger Delta is also part of the infrastructure development, Water resources, FCT development and so on. We have privatized power but we will be working on the transmission to direct resources there.
“The distinguishing thing is that its a continuation of what we have done before but with more emphasis on really pushing out jobs and also supporting safety nets that can further redistribute income to poor people in the country”.
Okonjo-Iweala said it was a privilege for her to have been chosen by President Goodluck Jonathan to lay the budget before the two Chambers on his behalf.
Expressing her excitement, she said “I felt very privileged, it’s an honour that Mr. President has asked me to carry out this task in conjunction with my colleagues in the cabinet, and of course, the Director General of the Budget office supported me to do this great honour”.
The Finance Minister was accompanied to the National Assembly by five ministers and the Director General, Budget Office, Bright Okogwu.
