Tony Ailemen
25 November 2009
Abuja — President Umaru Yar'Adua yesterday said the 2010 budget will focus on five critical sectors: Infrastructure, human capital development, land reform and food, security and the Niger Delta.
The budget with an estimate of N4.079trillion, comprises N180.28billion for statutory transfers, N517.07billion for debt service, N2.011 trillion for recurrent (non-debt) expenditure and
The budget estimate, was presented separately to the Senate and House of Representatives, by Alhaji Abba Aji, Special Adviser to the President on National Assembly matters after days of muscle flexing by both chambers.
The presentation which was devoid of the usual ceremonies associated with previous exercises was in accordance with Section 81 (1) of the 1999 Constitution which stipulates that the President shall lay the budget estimates before each chamber of the National Assembly.
The 2010 budget is also predicated on several assumptions including an oil production of 2.088mb/d; at a benchmark oil price of US$57/barrel; Joint Venture cash calls of US$5billion; average exchange rate of N150 to the US dollar; target GDP growth rate of 6 per cent; and target inflation rate of 11.2 per cent.
Tagged "fiscal stimulus budget", the 2010 Appropriation Bill represents the principal policy instrument for the transformation of solemn promises of the present administration to the people of Nigeria embedded in the Seven-Point Agenda and aims at bringing Nigeria's Vision 20:2020 into tangible and enduring realities.
President Yar'Adua assured that the government was committed to transforming the socio-economic fortunes of the people by implementing a strategic plan for stimulating economic growth and launching the nation onto a trajectory of sustained development that will propel Nigeria to the top twenty economies in the world by the year 2020.
He said: "Our medium-term priority is focused on fully implementing the Seven-Point Agenda. We will enhance our power infrastructure to deliver 10,000MW by the end of 2011. We shall complement our roads and aviation networks with serviceable rail and marine infrastructure to deliver a truly intermodal and modern transportation system.
"These critical infrastructure interventions by the government and PPP arrangements underpinned by the Electric Power Sector Reform (EPSR) Act 2005, the Infrastructure Concession Regulatory Commission (ICRC) Act and other relevant enactments, will also create new construction, engineering and other jobs."
He assured that economic diversification will be emphasised by developing agro-allied processing, manufacturing, telecommunications and other non-oil sectors to achieve a broader base for employment generation and wealth creation even as he noted that Nigerians will remain the focus of government efforts.
On security, President Yar'Adua said the capacity of law-enforcement and security agencies will continue to be upgraded just as necessary steps will be taken to preserve national security and sovereignty.
Also on the Niger Delta issue, he assured that his administration will continue the multifaceted and holistic approach to addressing the situation in the Niger Delta not only in ensuring security, but also focusing on developing infrastructure, grass-roots empowerment, and the preservation and restoration of the environment.
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