In the budget proposal which is tagged “Fiscal Consolidation with Inclusive Growth,” Security comprising defene and Police gulped the highest allocation of N668.56bn with Education coming second with N426.53 billion; Health, N79.23 billion; Works, N183.5 billion; Agriculture and Rural Development, N81.41 billion and Power, N74.26 billion.
The government has proposed to reduce the nation’s annual domestic borrowing from N744 billion in 2012 to N727 billion next year, just as the share of recurrent spending in aggregate expenditure is expected to reduce from 71.47 per cent in 2012 to 68.7 per cent in the 2013 budget. Capital expenditure as a share of aggregate spending is set to increase from 28.53 per cent in 2012 to 31.3 per cent in 2013.
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