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PRESIDENTIAL MID-TERM REPORT Summary of Policies and Strategies for Delivering The Transformation Agenda. DR. NGOZI OKONJO-IWEALA Coordinating Minister for t he Economy & Hon. Minister of Finance May 29, 2013. Where Are We Coming From?. What Have We Done So Far?. 7. 8. 3. 4. 5. 6.
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Summary of Policies and Strategies for Delivering The Transformation Agenda
DR. NGOZI OKONJO-IWEALA
Coordinating Minister for the Economy &
Hon. Minister of Finance
May 29, 2013
What Have We Done So Far?
2Nigerian Economy Faces Many Challenges Which The Transformation Agenda Is Designed To Address
Rising Domestic Debt
Insufficient Jobs and Poverty
High Recurrent Expenditure
High Food Importation / Food Insecurity
Infrastructure in Poor State
Dependence on Oil Exports
The Economy Is Strong But Faces Challenges Of
Inequality & Inclusion
President Jonathan’s Administration believes that putting aside some money for emergencies is important just as we all do for our families. So this administration has supported a policy of savings
SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance
Auditor #1: Witnesses physical discharge
…Revised Process (2-step audit process)
Auditor: Witnesses physical discharge
Auditor #2: Fiscal verification
Contributory Pension Scheme Is Sound But Defined Benefits Scheme Is Being Reformed To Prevent Fraud
Defined Benefits Scheme:
Public Financial Management
Expenditure side measures taken
Breakdown of FGN SURE-P Budget
Of the FG’s ₦180 billion budgeted for the 2012 SURE-P, ₦86.5 billion was spent. The remaining balance of ₦93.5 billion was carried over into the 2013 SURE-P budget bringing its sum to about ₦273.5 billion in projected expenditure.
This Is Focused On:
Cleanup of the Banking System Complete…
Government Policies have Supported Capital Markets (e.g. Forbearance, Elimination of VAT & Stamp Duties, etc.)
Insurance Sector is Doing Better…..
Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours !
TARGET OF 3.5 MILLION JOBS BY 2015
In addition to Sectoral Initiatives, Government Direct Job Creation Initiatives are Delivering…
Breakdown of Job Creation by Geo-Political Zone and Sector (as at March 2013)