Budget Analysis 2017.Cdr
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FG 2017 APPROVED BUDGET pe With Support from FG 2017 approved BUDGET FISCAL FRAMEWORK Deficit N2.35tn Capital Expenditure Other Revenue N2.174tn N277bn 5.59% increase over 2017 proposed budget Other FG Recoveries N206bn BUDGET SIZE Recurrent Domestic Expenditure Recoveries, N7.44tn (Non Debt) Asset +Fine N2.64tn N262bn VAT Debt Servicing ( FG's Share) N1.663tn N242bn Sinking Fund ( Bonds) N178bn Revenue from FAAC (FG's Share) Statutory Transfers N3.29tn N434bn 4.31% increase over 2017 3.58% Increase Over 2017 proposed budget Proposed Budget FG Independent Revenue Special Intervention N808bn N350bn N5.08tn IN OUT N7.44tn N Total Revenue Total Expenditure N Source: Budget Office 2 FG 2017 Approved Budget About BudgIT BudgIT is a civic organisation driven to make the Nigerian budget and public data more comprehensible and accessible across every literacy span. BudgIT’s innovation within the public sphere is fundamentally via a creative use of government data by either presenting these in simple tweets, interactive formats or infographic displays. Our primary goal is to use creative technology to intersect civic engagement and institutional reform. Lead Partner : Oluseun Onigbinde Research Team: Atiku Samuel, Damisola Akolade-Yilu, Ayomide Faleye, Olaleye Olaniyi, and Odu Melody (Intern) Creative Development: Segun Adeniyi Contact: [email protected] +234-803-727-6668, +234-908-333-1633 Address: 55, Moleye Street, Beside Total Filling Station, Sabo, Yaba, Lagos State, Nigeria Data Sources: Budget Office of the Federation/National Bureau of Statistics/BudgIT Research © 2017 Disclaimer: This document has been produced by BudgIT to provide information on budgets and public data issues. BudgIT hereby certifies that all the views expressed in this document accurately reflect our analytical standpoint which we deem reliable and fact based. Whilst reasonable care has been taken to prepare this document, no responsibility or liability is accepted for errors or for any views expressed therein. 3 FG 2017 Approved Budget STATE OF THE ECONOMY 4 FG 2017 Approved Budget FG 2017 approved BUDGET ECONOMY IN RECESSION Q1 6.21% Q2 6.54% Q3 6.23% Q4 5.94% 2014 Q1 3.96% Q2 2.35% Q3 2.84% Q4 2.11% 2015 Q1 -0.67% Q2 -1.49% Q3 -2.34% Q4 -1.73% 2016 Q1 -0.52% 2017 Source: NBS 5 FG 2017 Approved Budget FG 2017 approved BUDGET PRICE LEVEL 18.72% 16.10% 8% 9% INFLATION RATE Jan May Jan June 2014 2015 2017 2017 Source: NBS 19.91% 9.3% 9.8% FOOD INFLATION Jan May June 2014 2015 2017 Source: NBS 6 FG 2017 Approved Budget FG 2017 approved BUDGET UNEMPLOYMENT RATE 201614.2% 13.9% 13.3% 12.2% 10.4% 9.9% 8.2% 7.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 Source: NBS 7 FG 2017 Approved Budget FG 2017 approved BUDGET CAPITAL IMPORTATION INFLOW OF FOREIGN CAPITAL $2.67bn $2.67bn $2.75bn $1.82bn $1.56bn $1.55bn $1.04bn $908m $710.9m Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2016 2017 Source: NBS 8 FG 2017 Approved Budget FG 2017 approved BUDGET EXTERNAL DEBT STOCK $13.81bn $10.34bn $5.39bn June 2011 June 2015 Mar 2017 *Figures are for Federal and State Government Source: DMO 9 FG 2017 Approved Budget FG 2017 approved BUDGET DOMESTIC DEBT STOCK N14.93tn N8.39tn N5.21tn June 2011 June 2015 Mar 2017 *Figures are for Federal and State Government Source: DMO 10 FG 2017 Approved Budget FG 2017 approved BUDGET EXTERNAL RESERVES $44.9bn $37.3bn $35.4bn $31.9bn $30.5bn* $28.3bn $26.3bn 2011 2012 2013 2014 2015 2016 2017 *Figure as at 19 July 2017 Source: CBN 11 FG 2017 Approved Budget WHERE WILL THE MONEY COME FROM? 12 FG 2017 Approved Budget FG 2017 approved BUDGET OIL REVENUE FG SHARE OF ACTUAL OIL RELATED REVENUE N1.99tn N2.12tn* N1.98tn N1.76tn N1.69tn N1.22tn N697.8bn 2011 2012 2013 2014 2015 2016 2017 *Budget Target 41.7% Source: Budget Office 41.7% of FG expected revenue in 2017 will come from oil and gas sector 13 FG 2017 Approved Budget FG 2017 approved BUDGET FG ACTUAL SHARE OF COMPANY INCOME TAX N808bn* N473.3bn N458.9bn N457.9bn N416.9bn N395.1bn N333.8bn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 15.9% 15.9% of FG expected revenue in 2017 will come from Company Income Tax 14 FG 2017 Approved Budget FG 2017 approved BUDGET FG ACTUAL SHARE OF VALUE ADDED TAX N243bn* N106.7bn N109bn N106.9bn N104.7bn N95.4bn N87.3bn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 4.8% 4.8% of FG expected revenue in 2017 will come from Value Added Tax 15 FG 2017 Approved Budget FG 2017 approved BUDGET FG ACTUAL SHARE OF CUSTOMS’ AND EXCISE DUTIES N278bn* N255.4bn N232bn N214.2bn N228.6bn N195.1bn N190.4bn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 5.5% 5.5% of FG expected revenue in 2017 will come from the Custom Service 16 FG 2017 Approved Budget FG 2017 approved BUDGET FG INDEPENDENT REVENUE N808bn* N323.4bn N295.3bn N274.4bn N237.8bn N206.8bn N1825bn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 15.9% 15.9% of FG expected revenue in 2017 will come from its Independent Agencies 17 FG 2017 Approved Budget WHERE WILL THE MONEY GO? 18 FG 2017 Approved Budget FG 2017 approved BUDGET ACTUAL SPENDING STRUCTURE N7.44tn Total 2017 Budget Provision for Maturing Bonds/ N2.99tn Sinking funds N1.66tn N2.36tn N177.46bn Debt Servicing Capital Expenditure Recurrent (Non-Debt) Expenditure Source: Budget Office 19 FG 2017 Approved Budget FG 2017 approved BUDGET STATUTORY TRANSFERS N125bn Total N100bn N95.19bn N434.4bn N64.02bn N45bn N4bn N1.2bn National Niger-Delta Universal National Public INEC National Judiciary Development Basic Assembly Complaints Human Council Commission Education Commission Right Commission Source: Budget Office 20 FG 2017 Approved Budget RECURRENT EXPENDITURE 21 FG 2017 Approved Budget FG 2017 approved BUDGET ACTUAL PERSONNEL COST N1.85tn N1.87tn N1.86tn* N1.81tn N1.75tn N1.69tn N1.65tn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 22 FG 2017 Approved Budget FG 2017 approved BUDGET ACTUAL DEBT SERVICING N1.7tn* N1.3tn N1.0tn N941.7bn N591.8bn N559.6bn N495.1bn 2011 2012 2013 2014 2015 2016 2017 * Budget Target Source: Budget Office 23 FG 2017 Approved Budget FG 2017 approved BUDGET ACTUAL SERVICE WIDE VOTES Selected Programs/Projects ARREARS OF 33% INCREASE IN PENSION N14.48bn RATE - MILITARY PAYMENT INTO THE REDEMPTION FUND (5% OF TOTAL PERSONNEL N50.19bn COST) INCLUDING ARREARS OF 2014 AND 2015 GROUP LIFE INSURANCE FOR ALL MDAs INCLUDING DSS/INSURANCE OF SENSITIVE ASSETS/CORPERS PLUS N15bn ADMINISTRATION AND MONITORING PUBLIC SERVICE WAGE ADJUSTMENT FOR MDAs (INCLUDING ARREARS OF PROMOTION N30.2bn AND SALARY INCREASES) & PAYMENT OF SEVERANCE BENEFITS MILITARY OPERATIONS: LAFIYA DOLE & OTHER OPERATIONS OF THE N25bn ARMED FORCES PRESIDENTIAL AMNESTY PROGRAMME N76.7bn SPECIAL INTERVENTION (RECURRENT) N350bn Source: Budget Office 24 FG 2017 Approved Budget CAPITAL EXPENDITURE 25 FG 2017 Approved Budget FG 2017 approved BUDGET HIGHLIGHTS N39.41bn N169.42bn N19.25bn CONSTRUCTION / CONSTRUCTION / CONSTRUCTION / PROVISION OF OFFICE BUILDINGS PROVISION OF ELECTRICITY PROVISION OF HOUSING N49.68bn N26.98bn N31.32bn CONSTRUCTION / CONSTRUCTION / CONSTRUCTION / PROVISION PROVISION OF PROVISION OF AGRICULTURAL WATER FACILITIES OF PUBLIC SCHOOLS FACILITIES N162.50bn N152.33bn N9.73bn CONSTRUCTION/ CONSTRUCTION / CONSTRUCTION/ PROVISION OF PROVISION PROVISION OF ROADS RAIL-WAYS OF WATER-WAYS N26.42bn N19.32bn N9.70bn CONSTRUCTION / CONSTRUCTION/ CONSTRUCTION/ PROVISION OF AIR-PORT / PROVISION OF DEFENCE PROVISION AERODROMES EQUIPMENTS OF MILITARY BARRACKS Source: Budget Office 26 FG 2017 Approved Budget FG 2017 approved BUDGET CAPITAL EXPENDITURE HIGHLIGHTS N33.01bn N4.61bn N279.94bn PUBLIC SCHOOLS HOSPITALS ROADS N657.7m N63.39bn N54.02bn BOUNDARIES & OFFICE BUILDINGS & RIGHT OF WAYS RESIDENTIAL QTRS WATER FACILITIES N20.39bn N31.26m N154.89bn HOUSING ARCHITECTURAL RAILWAY PROJECTS SERVICES Source: Budget Office 27 FG 2017 Approved Budget FG 2017 approved BUDGET WHAT GOVERNMENT PLANS TO SPEND ON TRANSPORTATION EQUIPMENT AND MAINTENANCE? N580.17m N364.49m N774.93m PURCHASE OF PURCHASE PURCHASE OF BUSES MOTOR CYCLES OF TRUCKS N346.42m N28.8bn N3.6bn MAINTENANCE PURCHASE OF VANS PURCHASE OF CARS OF VEHICLES N5.3bn N2.8bn N3.9bn MOTOR VEHICLE MAINTENANCE AIRCRAFT FUEL FUEL COST OF AIRCRAFT COST Source: Budget Office 28 FG 2017 Approved Budget FG 2017 approved BUDGET PROVISION FOR ROADS N279.94bn SELECTED ROAD PROJECTS N2bn Rehabilitation of Zaria-funtua-gusau- Sokoto-Birnin Kebbi Road N13.19bn Dualization of Kano-Maiduguri Road Sokoto Kano Maiduguri Zaria N7.13bn Dualization Of Abuja-abaji-lokoja Road In Fct And Kogi FCT State Minna Ilorin Lokoja N2.24bn Ibadan Dualization of Suleja- Minna Road in Niger N7bn State Sectionsi & II Dualization of Ibadan-Ilorin Road Section II: Oyo- Ogbomosho in Oyo State N7bn PortHarcourt 2nd Niger Bridge N10.6bn N6.55bn East West Road N10bn Enugu/Port Lagos-Ibadan N7bn -Harcourt Expressway Construction of Bodo-bonny Expressway Road With A Bridge across the Opobo Channel in Rivers State Source: Budget Office 29 FG 2017 Approved Budget FG 2017 approved BUDGET PROVISION FOR RAILWAYS N154.89bn SELECTED RAILWAY PROJECTS RAILWAY MODERNIZATION COMPLETION OF ABUJA-KADUNA LAGOS-KANO SINGLE TRACK RAIL-LINE KANO MAIDUGURI IDU MINNA KADUNA ABUJA ITAKPE COMPLETION OF ITAKPE-WARRI RAIL TRACK &SIGNAL SYSTEMS LAGOS WARRI PORT HARCOURT CALABAR N148.14bn RAILWAY PROJECTS (LAGOS-KANO, CALABAR-LAGOS, KANO-KADUNA, AJAOKUTA-ITAKPE- CONSTRUCTION OF WARRI, KADUNA-IDU) CALABAR-LAGOS RAILWAYS /COUNTERPART FUNDS AND OTHER RAIL PROJECTS Source: Budget Office 30 FG 2017 Approved Budget FG 2017 approved BUDGET MINISTRY OF NIGER-DELTA TOP PROJECTS COUNTERPART FUND CONTRIBUTION N3bn FOR EAST-WEST ROAD DUALIZATION OF EAST-WEST ROAD N1.7bn {SECTIONS 2 (2-2 } {AHOADA -KAIAMA} REHABILITATION OF OKPUALA-IGURUTA N1.15bn ROAD PHASE I , IMO STATE DUALIZATION OF EAST-WEST ROAD SECTIONS 2 (2-1) (PH - N1.1bn AHOADA)" REHABILITATION AND RECONSTRUCTION OF OTUO- N1.06bn IKHIN ROADIN OWAN EAST LGA,EDO STATE DESIGN AND CONSTRUCTION OF ADA-URO-OFAGBE N814m ROAD WITH SPUR FROM ORIE-IDHEZE OZORO RD (15KM) DELTA STATE COMPLETE REHABILITATION AND RECONSTRUCTION OF OTUO-AFUZE RD N800m WITH A SPUR TO ANCHORAGE ROAD, OTUO, OWAN EAST LGA, EDO STATE.