Jonathan Plans Big Borrowing To Finance 2013 Budget -Deficit Spending Seen In New Budget
The Federal Executive Council has approved a fiscal framework for the 2013 which spends N4.929 trillion on estimated revenues of N3.891 trillion.
Debt financing will be required to cover the nation’s growing expenses. President Goodluck Jonathan is to use $75 per barrel of oil as the benchmark for the 2013 budget.
Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed the budget information to State House correspondents after the FEC meeting in Abuja.
”Everybody has agreed that the work for budget for 2013 must start early this year that is why we have the fiscal strategy paper this early,” she said. Once we finish here we are going to transmit the document to the National Assembly”.