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It gives me great pleasure to welcome you all to the signing of the 2012
Appropriation Bill into law this morning.

I would like to begin by registering my gratitude to the Distinguished and
Honourable Members of the National Assembly for the cooperation that has
been put into preparing this budget which is undeniably a stepping stone in our
medium-term developmental plan as presented in the Transformation Agenda.

I particularly wish to acknowledge the efforts of the Leadership of the Senate and
the House of Representatives, the various Committees of the National
Assembly, the Coordinating Minister for the Economy and the Budget Office for
the painstaking work that has resulted in the budget that I am signing into law
today.

You will recall that on December 13, 2011, I presented the 2012 Budget
Proposal with a total expenditure of N4.749 trillion based on a benchmark oil
price of US$70 per barrel to the National Assembly for appropriation. A total of
N1.32 trillion was proposed for capital expenditure while N3.429 trillion was for
recurrent expenditure.  The initial 2012 Budget Proposal assumed full
deregulation of the downstream petroleum sector. However, after listening to the
voice of Nigerians, we opted for partial subsidy removal.

This meant that we had to review the Budget’s revenue and expenditure
projections in order to make some provision amounting to N888 billion in the
Budget.

On March 15, 2012, the National Assembly passed a budget of N4.697 trillion,
based on a benchmark oil price of US$72 per barrel. This appropriation
consisted of capital expenditure of N1.34 trillion and recurrent expenditure
amounting to N3.357 trillion. We have had extensive discussions with the
National Assembly since then, and the result is the Budget that I now have the
honour of signing into law today. It is a Budget of fiscal consolidation, inclusive
economic growth and job creation.

The Budget has an aggregate expenditure of N4.697 trillion (excluding the
appropriation of N180 billion for programmes and projects encapsulated under
the SURE-Progamme).

The total Federal Government revenue forecast is N3.561 trillion based on a
Benchmark Oil Price of US$72 per barrel, which is US$2 higher than the initial
proposal of US$70 per barrel. The additional resources were used to increase
the capital and to reduce the deficit to a manageable level that we can finance
without excessive borrowing. Details of the expenditure are summarised below:

Capital Expenditure is N1.34 trillion, which is 28.5 percent of the aggregate
expenditure. One of the main goals of this administration is to complete and exit
the large stock of ongoing projects and programmes. Thus, the 2012 budget is
focused on completing viable ongoing projects, in accordance with the
Transformation Agenda,

which will quickly deliver tangible and significant added value to Nigerians.
Furthermore, our approach to funding the development of critical infrastructure in
Nigeria is to involve the private sector, which has the capital and implementation
capacity to successfully deliver specific infrastructure projects.

Non-debt Recurrent Expenditure is at N2.425 trillion, which is 52 percent of the
total budget compared to 54 percent of the aggregate budget in 2011. This is in
line with Government’s determination to correct the structural imbalance in our
expenditure profile where recurrent spending has outstripped the growth of
spending on capital projects in recent times. Statutory Transfers is N372.59
billion.

Based on the above and in line with Government’s medium-term strategy, the
share of the recurrent spending in aggregate expenditure has declined from 74.4
percent in 2011 to 71.5 percent in 2012. The deficit is 2.85 percent of GDP,
which is in line with the provisions of the Fiscal Responsibility Act, 2007, which
pegs this at 3 percent of GDP.

The goal of achieving positive macroeconomic stability is no end in itself. The
robust growth experienced in recent years needs to be translated into tangible
and concrete improvement in the living standards of our people. In this respect,
the Government is focused on investments in priority sectors in order to sustain
economic growth and create jobs. The 2012 Budget is geared toward supporting
economic growth and employment creation

Conclusion

Let me conclude by once more thanking the Legislature for their hard work and
cooperation as, together, we continue to strive to ensure that we take the
requisite steps to promote the welfare and well-being of all Nigerians.
God bless you all, and may God continue to bless the Federal Republic of
Nigeria.  Thank you.
Speech of President Goodluck Ebele Jonathon, GCFR
at the 2012 Budget Signing Ceremony in Abuja, Friday,
April 13, 2012
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