Nigeria's Budget and Economy

Study Notes

Nigeria's budget is typically divided into recurrent and capital expenditures
Recurrent expenditure includes salaries, pensions, and overhead costs
Capital expenditure includes investments in infrastructure, education, and healthcare
The 2022 budget was N17.13 trillion, with a focus on economic recovery and growth
Key economic indicators:
- GDP growth rate: 2.27% (2021)
- Inflation rate: 15.02% (2021)
- Unemployment rate: 33.3% (2020)

Key policies:
- Economic Recovery and Growth Plan (ERGP) 2017-2020: focused on economic diversification, infrastructure development, and social inclusion
- Nigeria Vision 2050: aims to make Nigeria a top 20 economy by 2050
- Presidential Enabling Business Environment Council (PEBEC): aims to improve the business environment and attract investments
Sector-specific policies:
- Agriculture: Anchor Borrowers' Programme, Agricultural Promotion Policy (APP)
- Education: Education for Change: A Ministerial Strategic Plan (2016-2019)
- Healthcare: National Health Policy 2016

Key reforms:
- Civil Service Reforms Strategy (2017-2020): aimed to improve productivity, accountability, and transparency
- Restructuring of ministries, departments, and agencies (MDAs)
- Implementation of the Integrated Personnel and Payroll Information System (IPPIS)
Challenges:
- Bureaucratic bottlenecks
- Inadequate capacity building
- Resistance to change

2023 General Elections:
- Presidential election: 25th February 2023
- Governorship and State Assembly elections: 11th March 2023
- Key contenders: TBD
Electoral reforms:
- Electoral Act 2022: introduces electronic transmission of results, increases campaign spending limits
- Independent National Electoral Commission (INEC) reforms: aims to improve election management and reduce violence

Key provisions:
- Code of Conduct for Public Officers
- Rules on appointments, promotions, and disciplinary actions
- Guidelines on conflict of interest and declaration of assets
Recent updates:
- Revised Public Service Rules 2020: introduces changes to the recruitment process, promotion criteria, and disciplinary procedures
- Guidelines on the use of social media by public servants

2022 budget was N17.13 trillion, with a focus on economic recovery and growth
Key economic indicators:
- GDP growth rate: 2.27% (2021)
- Inflation rate: 15.02% (2021)
- Unemployment rate: 33.3% (2020)

Economic Recovery and Growth Plan (ERGP) 2017-2020: focused on economic diversification, infrastructure development, and social inclusion
Nigeria Vision 2050: aims to make Nigeria a top 20 economy by 2050
Presidential Enabling Business Environment Council (PEBEC): aims to improve the business environment and attract investments

Key reforms:
- Civil Service Reforms Strategy (2017-2020): aimed to improve productivity, accountability, and transparency
- Restructuring of ministries, departments, and agencies (MDAs)
- Implementation of the Integrated Personnel and Payroll Information System (IPPIS)
Challenges:
- Bureaucratic bottlenecks
- Inadequate capacity building
- Resistance to change

2023 General Elections:
- Presidential election: 25th February 2023
- Governorship and State Assembly elections: 11th March 2023
Electoral reforms:
- Electoral Act 2022: introduces electronic transmission of results, increases campaign spending limits
- Independent National Electoral Commission (INEC) reforms: aims to improve election management and reduce violence

Key provisions:
- Code of Conduct for Public Officers
- Rules on appointments, promotions, and disciplinary actions
- Guidelines on conflict of interest and declaration of assets
Recent updates:
- Revised Public Service Rules 2020: introduces changes to the recruitment process, promotion criteria, and disciplinary procedures
- Guidelines on the use of social media by public servants