Abuja — Barring any further serious dislocations in the global economy which could affect domestic financial system, the revenue of the Federal Government will hit the N7.59 trillion-mark by the 2012 fiscal year while the aggregate expenditure will hover around N4.65 trillion.

These are government's projections for the 2011 and 2012 fiscal years as contained in the 2010-2012 Fiscal Framework, which has been sent to the National Assembly as an addendum to the 2010 budget proposal submitted to the Federal Legislature last Tues-day.

The profile indicates a steady growth in revenue with the federally collectible revenue for 2009 standing at N5.305 trillion; 2010 and 2011 projected at N6.211 trillion and N6.716 trillion respectively.

Conversely, aggregate expenditure, which is currently N3.101 trillion (2009 budget figure) is also growing and is already projected at N4.079 trillion for the 2010 fiscal year. It will hit N4.374 trillion in 2011 and N4.650 trillion in 2012.

The government's retained revenues for 2009 is N2.265 trillion while it is projected to stand at N2.517 trillion (2010); N2.749 trillion (2011) andN3.136 trillion (2012).

The growth in the sizes of the revenue is projected to increase the sizes of expenditure over the next three fiscal years, but the levels of deficit are projected to fluctuate within the same period.

For instance, while the fiscal deficit in the 2010 budget is projected at N1.562 trillion, 2011 and 2012 deficits are projected at N1.624 trillion and N1.514 trillion.

The deficit is to be financed from the sale of government property, privatization proceeds; federal Government's share of proposed ECA of 2010 (US$1.266 billion), 2011(US$1.055 billion) and 2012 (US$0.844 billion); International Bond ($500 million); e-payment transfer and RTGS transfer; refund of loan to states; transfer of interest by DMO (interest earned by DMO); transfer from CBN Abuja Branch account to Account (interest on special account) and domestic borrowing.

The Gross Domestic Product (GDP) - that is, the total value of all goods and services produced within a country in a year, minus net income from investments in other countries - is projected at N32.6 trillion, N37.8 trillion and N43.8 trillion for 2010, 2011 and 2012 respectively.

The financial horizon appears brighter for the three tiers of government in 2011 and 2012 in terms of what they are projected to receive via distribution of the net receipt on Federation Account.

The net receipts on the Federation Account for 2011 and 2012 are projected at N3.251 trillion and N3.817 trillion out of which in 2011, the Federal Government, State Government and Local Government are expected to receive N2.049 trillion, N1.128 trillion and N870 billion respectively.

In 2012, the Federal, State and Local Governments are expected to receive N2.397 trillion, N1.320 trillion and N1.018 trillion respectively.

Oil revenue with emphasis on crude oil sales, royalties, oil and gas petroleum profit tax as well as non-oil revenue will increase in 2011 and 2012.

Crude oil sales are projected to fetch N2.739 trillion in 2011 and NN2.954 trillion in 2012; royalties are to fetch N487.69 billion in 2011 and N601.44 billion in 2012; Oil and Gas Petroleum Profit Tax is to fetch N1.031 trillion in 2011 and N1. 238 trillion in 2012, while Oil Petroleum Profit Tax is to fetch N960.46 billion in 2011 and N1.146 trillion in 2012.

While the total oil and gas revenue is projected to fetch N4.715 trillion in 2011, N5.335 trillion is expected to be raked into the government coffers in 2012.

The total non-oil revenue for 2011 is projected at N1.881 trillion as against N2.113 trillion for 2012 while total oil and gas revenue (less of government's contribution to cost of production, National Domestic Gas Development, Crude Oil Pre-Export Inspection Agency Expenses and 13% derivation) for distribution by FAAC is projected at N3.251 trillion and N3.817 trillion for 2011 and 2012 respectively.

Meanwhile, Senate will Wednesday continue with the second reading (debate on the general principles) of the 2010 N4.079 trillion on resumption from the Eid-el-Kabir holiday.

Sixteen senators contributed to the debate on Wednesday, last week. A majority of them harped on effective implementation of the budget.

While some of them knocked government for the huge recurrent expenditure, others said that government should have emphasized more on capital spending, saying that with effective implementation, that (capital expenditure) would bolster infrastructure development.

The Upper House had committed to undertake a through consideration of the 2010 budget, indicating that the vital document may not be passed until about February or March next year.

Senate President, Senator David Mark had said last Wednesday, when the Senate passed the N353.6 billion 2009 Supplementary budget, that the passage had extended the life of the 2009 budget to March next year.

He had explained that the passage would give the Upper House ample time to thoroughly consider the 2010 budget before it is passed for harmonization with the House of Representatives.