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The Conduct of Fiscal Policy
Fiscal Policy 2003
The main fiscal policy thrusts of the 2003 Federal Government budget
were to pursue a growth strategy that would achieve fiscal stability; improve
non-oil sector competitiveness; reduce inflation; maintain a fiscal deficit of
not more than 2.5% of GDP; deepen and broaden fiscal incentives to further
encourage industrial and manufacturing sector; attract foreign investment;
highlight tariff reform and liberalization in line with regional incentives;
achieve stable and competitive exchange rate; focus on external debt management
approach that would lead to reduction in aggregate debt levels and debt service
costs in the context of the medium term economic program; convert the N1.5
trillion domestic debt into long term bonds to ease pressures from annual debt
service on capital development and continue the structural reforms for improved
tax and customs administration. These goals were to be achieved through the
diversification of the productive base of the economy, concentration of public
sector investment in a few priority sectors where production would be supported
and welfare of the people optimized.
In order to achieve the above goals, the gross revenue budgeted by the
Federal Government for 2003 was N685.4 billion and expenditure of
N765.1
billion. Recurrent expenditure was N508.8 billion while the capital outlay was
N256.4 billion. However, the total government revenue during 2003 was
N2, 575.1
billion, made up of N2, 074.3 billion from oil and N500.8 billion non-oil
sources, respectively. Federation account revenue totaled N2, 011.6 billion,
while Federation account revenue for sharing was N1821.0 billion. Federal
Government Retained Revenue for the year was N1, 023.2 billion. Actual
government expenditure was N1, 226 billion, made up of N984.4 billion recurrent
and N241.7 billion capital expenditures, respectively. The fiscal operations of
the Federal Government resulted in a current account surplus of N39 billion and
an overall deficit of N202.7 billion, which was financed mainly from the
domestic banking system. The deficit of N202.7 billion was 2.05% of the GDP.
| Facts : 7/1/1959 |
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| BOARD OF DIRECTOS:The Management of the CBN is placed under a Board of Directors which is responsible for the Policy and General administration of the Affairs and Business of the Bank.Under the original statute,the Board was composed of the Governor as Chairman,a Deputy Governor and Five other Directors all of whom were appointed by the Federal Government. |
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