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The National Planning Commission was originally established by Decree No 12 of 1992 and later amended by Act 71 of 1993. The Commission has the mandate to determine and advise the Government of the Federation on matters relating to National Development and overall management of the national economy.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [57] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
Nigerian President Bola Tinubu has signed into law a $2.8 billion supplementary budget that includes funding for new bulletproof cars for himself and his wife, despite widespread criticism from ...
A senior civil servant acts as Permanent Secretary of the minister, assisting the politically appointed Minister of Finance, who is a member of the President's cabinet.. The Federal Ministry of Finance is led by the Honourable Minister of Finance and Coordinating Minister of the Economy, who serves as the chief executive officer.
The following table presents a listing of Nigeria's 36 states ranked in order of their estimated total GDP in 2021 according to a 2022 report by BudgIT. [1] Rank
National budget: a budget that the federal government creates for the entire nation. State budget: In federal systems, individual states also prepare their own budgets. Plan budget: It is a document showing the budgetary provisions for important projects, programmes and schemes included in the central plan of the country.
Social Security Administration of Nigeria (SSA) Budget Office of the Federation (BOF) ... National Hajj Commission of Nigeria (NaHCON) [10]