President Goodluck Jonathan yesterday in Abuja presented a budget of N4.9 trillion for the 2013 fiscal year, representing a five per cent increase to that of 2012 which was N4.7 trillion.
Jonathan said the budget titled “Budget of Fiscal Consolidation with Inclusive Growth’’, was premised on oil benchmark of 75 dollars per barrel in a volatile oil market.
One of the highlights of the budget is that import duty for rice would be increased to encourage local production as from next year.
President Goodluck Jonathan yesterday in Abuja presented a budget of N4.9 trillion for the 2013 fiscal year, representing a five per cent increase to that of 2012 which was N4.7 trillion.
Jonathan said the budget titled “Budget of Fiscal Consolidation with Inclusive Growth’’, was premised on oil benchmark of 75 dollars per barrel in a volatile oil market.
One of the highlights of the budget is that import duty for rice would be increased to encourage local production as from next year.
He told members of the National Assembly that: “A 10 per cent import duty and 100 per cent levy will be applied for both polished and brown rice’’.
On oil and gas, Jonathan said efforts were being made to restructure the sector for improved performance.
“The oil and gas sub-sector requires a lot to sustain and ensure improvement.
“We shall, therefore, complement available resources with the proposed infrastructure Euro bond of about one billion dollar in order to complete gas pipeline and other infrastructure investments.”
A further breakdown revealed that Works got N183.5 billion, Power N742.6 billion, Education N426.5 billion, Health N279.23 billion, Defence N340.91 billion, Police N319.65 billion, Agriculture and Rural Development N81.41 billion.
He said the machinery and spare parts imported for local sugar manufacturing industries would attract zero per cent duty starting from January 2013.
Jonathan said all commercial aircraft and spare part imported into Nigeria would attract zero per cent duty and zero per cent tax.
According to him, this will applicably improve safety in our skies and ease maintenance.
He said machinery and equipment imported for use in solid minerals would attract zero per cent import duty and zero per cent tax.
On mass-transit, he noted that all components for buses of 40 -seater would attract zero per cent tax down from five per cent so as to encourage the production of mass-transit buses.
“Government is desirous of encouraging green growth and in this regard, we will provide incentive for energy efficient vehicles in the 2014 fiscal year.’’
The president said his government was working at empowering women through five pilot ministries, Agriculture, Health, Communication technology, Water Resources and Works.
“The ministry of Agriculture will work with the Ministry of Information and Communication Technology to ensure that five million women farmers and agricultural entrepreneurs receive mobile phones to be able to access information on agriculture through an electronic wallet scheme.’’
Jonathan also said N3 billion would be disbursed for routine immunisation.
He said the number of women employed as contractors would be increased by giving them 35 per cent of FERMA rehabilitation works.
According to him, the regime is disappointed with the performance of the nation’s athletes at the just concluded Olympics, but impressed with the performance of the Paralympians.
“We will soon hold a retreat on sports and how to move it forward.’’
He said that his administration had attracted N7. 8 billion investment commitment to the agriculture sector and that an extra 2.5 million jobs would be created in 2015.
The president said government was working toward optimal implementation of the budget in order to save cost.
Jonathan appealed to the National Assembly and Nigerians to support the administration in realising the objectives of the budget.
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