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Summary of Federal Government Fiscal Operation (Budget Estimates) 1999 - 2001 (Reviewed, 12th Dec 2001)
 

SUMMARY OF FEDERAL GOVERNMENT FISCAL OPERATION (BUDGET ESTIMATES) 1999 - 2001

1999 2000 2001 % change between

(1) (2) (3) (1) & (2) (2) & (3)
FEDERAL RETAINED 310,000.00 548,350.00 735,295.40 76.90 34.10
 Share of Federation Account 274,900.00 457,000.00 565,295.40 66.2 23.7
 Share of Value Added Tax 7,800.00 9,750.00 10,500.00 25.00 7.70
 Independent revenue of the federal Govt. 14,000.00 50,000.00 60,000.00 257.10 20.00
 Privatization proceeds 5,000.00 20,000.00 70,000.00 300.00 250.00
 Levies 0.00 6,100.00 20,000.00 - 227.90
 Education Tax 0.00 5,500.00 7,000.00 - 27.30
 Others 1/ 8,300.00 0.00 2,500.00 - -
TOTAL EXPENDITURE 358,103.50 664,735.30 936,792.60 85.60 40.90
 A.   Recurrent Expenditure 221,119.30 353,126.50 424,856.90 59.70 20.30
       Personnel cost 110,059.90 129,249.00 156,583.20 17.40 21.10
       Overhead cost 61,269.00 71,354.40 95,968.90 16.50 34.50
       Pension & CRF Charges 25,190.40 40,923.10 45,304.80 62.50 10.70
       Domestic Debt Service 16,300.00 100,000.00 100,000.00 513.50 0.00
      (Interest payments)
      Transfer to other Funds 2/ 8,300.00 11,600.00 27,000.00 39.80 132.80
B.   Capital Expenditure & Net 136,984.20 311,608.80 511,935.70 127.50 64.30
       Lending
      Land & Buildings 15,815.80 11,600.00 27,000.00 39.80 132.80
      Acquisition of Physical Assets 88,265.50 193,257.90 357,953.80 119.00 85.20
      Stocks 3,123.00 79.90

n.a

-97.40

-

      Research & Development 720.40 826.90 1,473.50 14.80 78.20
      Road Development 13,682.30 35,613.40 70,445.00 160.30 97.80
     Capital Transfers 11,776.70 63,464.60 37,203.90 438.90 -41.40
     Payment to Local Contractors 1,000.00 4,722.40 0.00 372.20 -
     Payment of Debts on National 0.00 20,000.00

-

0.00
     Priority
     Others 10,776.70 38,742.20 17,203.90 259.50 -55.60
     Net lending 3,595.50 0.00 0.00 - -
     Transfer to Niger-Delta Dev. 0.00 0.00 10,577.70 - -
     Comm.
3. BALANCE OF REVENUE &
   EXPENDITURE
  Current Surplus (+)/Deficit(-) 88,880.70 195,223.50 310,438.50 119.60 59.00
  Overall Surplus (+)/Deficit(-) 48103.5 -116385.3 -201997.2 141.9 73.1
 
4. FINANCING 48,103.50 116,385.00 201,497.00 141.90 73.10
  Draw down on Foreign Loans 0 0 0 - -
  Domestic Financing 48,103.50 116,385.00 201,497.00 141.90 73.10
  Banking System 0 0 0 - -
  CBN 0.00 0.00 0.00 - -
  Others 0 0 0 - -
  Non-Bank Public 0 0 485.80 -
  Draw-down on reserves 3/ 0 0 121,011.20 - -
  Recoveries 4/ 0 0 80,000.00 - -
  Other funds 5/ 48,103.50 116,385.00 0.00 141.90 -
 
Key
1/ Includes revenue from sales of grains and recovered loans on fertiliser procurement
2/ Includes transfer to Education Tax Fund and the other accounts of Custom Levies
3/ Includes Federal Government share from earnings on crude oil exports of the year 2000 amounting to N191,168.6 million and the year 2001 amounting to N58,339.1 million.
4/ Includes General Sani Abacha's looted funds already recovered amounting to N80,000.0 million
5/ Positive sign denotes decrease while negative sign denotes an increase in other cash balances.
Source: Federal Government Budget Estimates 1999 - 2001

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