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Slide1
MEPB:Q1 Y2012 Budget Performance Appraisal
1
VISION To be the primary Agency of Government that facilitates efficient and effective mobilisation, planning, allocation and utilisation of resources for socio-economic transformation of Lagos State
Slide2LAGOS STATE GOVERNMENT
MINISTRY OF ECONOMIC PLANNING & BUDGET
Y20121ST QUARTER BUDGET PERFORMANCEAPPRAISAL
By
Mr. Ben
Akabueze
Hon. Commissioner (MEPB)13th April, 2012
MEPB:Q1 Y2012 Budget Performance Appraisal
2
Slide3OUTLINE
MEPB:Q1 Y2012 Budget Performance Appraisal3Purpose of the briefing
Y2012 Budget Implementation Strategies
1
st
Quarter Budget PerformanceRevenue AppraisalExpenditure AppraisalComparative Analysis
ObservationsConclusion(s)
Slide4Purpose of the briefingTo analyze and deliberate on Q1 Budget performance
To determine areas that need to be improved upon
MEPB:Q1 Y2012 Budget Performance Appraisal4
Slide5Y 2012 Budget
Preamble
MEPB:Q1 Y2012 Budget Performance Appraisal5Y2012 Budget of N491.9bn assented to by His Excellency, the Governor on the 3rd of January, 2012 is the largest State Budget in Nigeria
The budget size is more than the combined budgets of Ondo, Osun and Oyo States.
The projected IGR of N289.6bn is more than the total budget of all States of the federation except Delta, Rivers and
Akwa-Ibom
The Personnel Cost component of N81.6bn is more than the total budgets of Adamawa, Yobe, Enugu, and Taraba States
Slide6Y 2012 Budget Preamble………2/
Underlying Policy Thrust of Government:
Poverty Eradication and Sustainable Economic Growth Through Infrastructure Renewal and Development.MEPB:Q1 Y2012 Budget Performance Appraisal6
Slide7Y2012 Budget Focus
MEPB:Q1 Y2012 Budget Performance Appraisal7Security (including Food Security)Transportation-Roads & Inter-modal Transportation System
Education
Health
Environment
Slide8Y2012 Budget Focus…..2/
MEPB:Q1 Y2012 Budget Performance Appraisal
8Rural/Urban DevelopmentSkill Acquisition/Microfinance
Water Housing and Urban Renewal
E-Governance
Slide9Key Implementation Strategies
MEPB:Q1 Y2012 Budget Performance Appraisal
9Revenue Stakeholders’ meeting with the Governor as a vehicle for sustained Revenue drive;
Enhanced transparency and accountability;
Efficient allocation of resources across sectors;
Tighter operating expenditure control;
Periodic review of performance;More effective Project Monitoring;
Benchmark performance set at 90%
Slide10Notes from Y2011 Full Year Review
MEPB:Q1 Y2012 Budget Performance Appraisal
10The Overall budget performance of 77% was far below the set benchmark of 90%;
Ordinary Revenue performance stood at 75%;
LIRS, the major contributor to IGR performed at 87%
Recurrent Expenditure overall performed at 93%
Total Personnel Cost exceeded budget at 108%
Capital Expenditure performed at only 65%
Capital: Recurrent Expenditure ratio was 43:57
Slide11Highlights of Y2012 BudgetProjected Revenue Sources
MEPB: Q1 Y2012 Budget Performance Appraisal
11
Slide12CAPITAL RECURRENT RATIOMEPB: Q1 Y2012 Budget Performance Appraisal
12
Slide13Y2012 Q1 Revenue Performance
MEPB:1st Quarter Y2012 Budget Performance Appraisal
13
Y’12 Provision
Nbn
Q1 Provision
Jan – Mar’
Nbn
Actual
Jan – Mar Nbn
Performance
%
Total Revenue
399,834
99.959
85.103
85
A. Ordinary Revenue
289,676
72.419
53.136
73
I. L/S Internal Revenue Services (LIRS)
211.000
52.750
43.094
82
II. Internally Generated Revenue (Others)
41.475
10.369
6.112
59
III. Dedicated Revenue
28.439
7.110
3.930
55
IV Extra Ordinary Revenue
8.762
2.191
0
0
B. Federal Transfers
110.158
27.540
31.967
116
I. Statutory Allocation
57.662
14.416
17.063
118
II. Value Added Tax
52.496
13.124
14.904
114
C. Capital Receipts
25.677
6.419
2.596
40
Slide14COMPARATIVE ANALYSIS OF Y2010 - Y2012
1
st QTR REVENUE PERFORMANCEMEPB: Q1 Y2012 Budget Performance Appraisal14
Y2012
Y2011
Y2010
Provision
Jan – Mar’
Nbn
Actual
Jan – Mar
Nbn
Perf
.
%
Provision
Jan – Mar’
Nbn
Actual
Jan – Mar Nbn
Perf
.
%
Provision
Jan – Mar’
Nbn
Actual
Jan – Mar
Nbn
Perf
.
%
Total Revenue
99.959
85.103
85
88.080
74.408
84.5
76.757
62.834
81.9
A. Ordinary Revenue
72.419
53.136
73
65.655
51.897
79.03
57.257
40.715
71.1
I. L/S Int. Rev. Serv. (LIRS)
52.750
43.094
82
48.000
44.881
93.5
41.250
33.827
82.0
II. Internally Generated Revenue (Others)
10.369
6.112
59
9.130
2.343
25.7
9.750
3.225
33.1
III. Dedicated Revenue
7.110
3.930
55
6.525
0.671
10.3
5.007
0.719
14.4
IV Extra Ordinary Revenue
2.191
0
0
2.000
4.002
200.1
1.250
2.994
235.5
B. Federal Transfers
27.540
31.967
116
22.425
22.511
100.4
19.500
22.119
113.4
I. Statutory Allocation
14.416
17.063
118
11.500
10.069
87.6
10.000
10.394
103.9
II. Value Added Tax
13.124
14.904
114
10.925
12.442
113.9
9.500
11.725
123.5
C. Capital Receipts
6.419
2.596
40
4.815
1.267
26.3
7.093
2.394
33.8
Slide15Revenue Appraisal
MEPB: Q1 Y2012 Budget Performance Appraisal
15Total Revenue performed at 85% of target compared to 84.5% for 1Qtr. Year 2011. Note however, that the March 2012 figure is an optimistic estimate rather than the actual
Ordinary Revenue (IGR) including Dedicated Revenue was N53.136bn representing 62.4% of Total Revenue.LIRS performance accounted for 50.6% of the Total Revenue for the period, compared to 60.3% in Y2011
LIRS performance was lower in absolute term than that of same period in Y2011, probably reflecting impact of new PITA
Slide16Revenue Appraisal……2/
The 82% LIRS performance relative to Budget also compares unfavourably to 93.5% in 2011
Both Dedicated Revenue and Capital Receipts performed lowly at N3.930bn(55%) and N2.596bn (40%) respectively.Statutory Allocation contributed N17.063bn representing 118% performance, while VAT performed at 114% or N14.904bn in absolute term; both reflect continuing positive trend of Federal transfers viz a viz the State’s budget
MEPB: Q1 Y2012 Budget Performance Appraisal16
Slide17Q1 REVENUE PERFORMANCE FROM 2008 TO Y2012
YEAR
PROVISIONNbnJan – Mar. ACTUALNbnJan – Mar.
%2008
53.108
42.858
81200972.24159.87883201076.757
62.834822011
88.0874.408
84.5
2012
99.959
85.103
85
MEPB: Q1 Y2012 Budget Performance Appraisal
17
Slide18Q1 REVENUE PERFORMANCE FROM 2008 TO Y2012
MEPB:Q1 Y2012 Budget Performance Appraisal
18
Slide19Appraisal of Capital Receipts;
Jan – March
2012MEPB:Q1 Y2012 Budget Performance Appraisal19
Details
Provision
N (billion)
Actual
N (billion)
%
Performance
Grants (Donor Agencies)
0.867
0.042
5
Investment Income
0.072
-
-
Other Capital Receipts
5.480
2.554
47
TOTAL CAPITAL RECEIPTS
6.419
2.596
40
Slide20Capital Receipts Appraisal
MEPB: Q1 Y2012 Budget Performance Appraisal
20
Grants performed poorly at N0.042bn or 5%, reflecting mainly
Receipts from Federal Government Conditional Grants Scheme (CGS), UN Agencies; (UNICEF, UNFPA, etc.) and DFID
Other
Capital Receipts (Dedicated) performed at N2.554bn or 47%; Responsible Agencies are (breakdown not yet available):Waterfront Infrastructure DevelopmentHousingPhysical Planning & Urban DevelopmentNew Towns Development Authority
Slide21Capital Receipts Appraisal…….2/
MEPB: Q1 Y2012 Budget Performance Appraisal21
With pressure on our main IGR source (PAYE) and challenges in actualizing the State’s Borrowing programme for Y2012, Capital Receipts represent a viable source of revenues to ensure the State’s budget for the year performs satisfactorily
We believe it is time to mount a deliberate and concerted drive for revenues by the concerned Agencies, each of which should be required to present a plan of action within the next fortnight
Slide22Q1 CAPITAL RECEIPTS PERFORMANCE FROM 2008 TO Y2012
YEAR
PROVISIONNbnJan – Mar. ACTUALNbnJan – Mar.
%2008
49.871
49.727
99.7200910.5512.30822.020107.093
2.394342011
4.815
1.26726.3
2012
6.419
2.596
40
Please note that in Y2008, Internal Loans, Bond Issue & External Loans were under the Capital Receipts
MEPB: Q1 Y2012 Budget Performance Appraisal
22
Slide23Capital Expenditure (Jan –Mar’12
)
Details
Budget
N (billion)
Actual
N (billion)
%
Performance
Core Capital
56.092
27.061
48
Capital Development
5.480
0.624
11
Risk Retention Fund
0.025
-
-
Special Expenditure
1.250
870
70
Grants from Donor Agencies
0.867
0.042
5
Counterpart Fund
0.866
0.398
46
Total
64.580
28.995
45
MEPB: Q1 Y2012 Budget Performance Appraisal
23
Slide24Capital Expenditure Appraisal
Low Q1 performance which began in Y2010 is becoming a trend; Note that in Q1 2009, Capex was N34.6bn compared to only N28.995bn in Y2012In Q1 2012, Capex:Recurrent ratio slumped further to 36:64 compared to 47:53 for full year 2011 and a budget of 57:43 for 2012
This trend is more worrisome considering that Q1 falls in the dry season and the Y2012 budget was signed into Law on 3rd January, 2012Concerted action is required by all concerned during Q2 to reverse the skewness in expenditure towards RecurrentMEPB: Q1 Y2012 Budget Performance Appraisal24
Slide25Q1 CAPITAL BUDGET PERFORMANCE FROM 2008 TO 2012
YEAR
PROVISIONNbnJan – Mar. ACTUALNbnJan – Mar.
%2008
60.944
31.280
51.0200961.38434.61656.0201056.139
14.67026.02011
63.148
17.50327.7
2012
64.580
28.995
45.0
MEPB: Q1 Y2012 Budget Performance Appraisal
25
Slide26Q1CAPITAL EXPENDITURE FROM Y2008 TO 2012
MEPB: Q1 Y2012 Budget Performance Appraisal
26
Slide27Comparative Analysis of Q1 Y2012, Q1 Y2011 and Q1 Y2010
2012
2011Y2010
Details
Prov.
Jan-Mar.
Actual
Jan. – Mar.
%
Perf
Prov.
Jan. – Mar.
Actual
Jan.-Mar.
%
Perf
Prov.
Jan. – Mar.
Actual
Jan.-Mar.
%
Perf
Total Revenue
99.959
85.103
85
88.080
74.408
84.5
76.757
62.834
81.9
Total Recurrent Expenditure
58.405
50.736
87
49.546
41.405
83.6
41.254
33.115
80.3
Total Recurrent Surplus
41.554
34.367
83
38.535
33.003
85.6
35.503
29.719
83.7
Total Capital Receipts
6.419
2.596
40
4.815
1.267
26.3
7.093
2.394
33.8
Total Capital Expenditure
64.580
28.995
45
63.148
17.503
27.7
56.139
14.670
26.1
Financing
(16.608)
7.968
(48)
(19.799)
16.767
(84.7)
(13.543)
17.443
(128.8)
Budget Size
122.985
79.731
65
112.694
58.908
52.3
97.393
47.785
49.1
MEPB: Q1 Y2012 Budget Performance Appraisal
27
Slide28Q1 2012 Vs Q1 2011
Performance for the 1st
Quarter was 65% or N79.731bn as against 52.30% or N58.908bn same period in 2011; N 20.82bn more in absolute termTotal Revenue recorded 85% compared to 84.50% for same period in Y2011Recurrent Surplus of 83% or N34.367bn as against 85.6% or N33.003bn same time Y2011, reflecting the continuing pressure on recurrent expenditure
MEPB: Q1 Y2012 Budget Performance Appraisal
28
Slide29Q1 2012 Vs Q1 2011…..2/
Capital Receipts performed at 40% or N2.596 bn
as against 26.3% or N1.267bn same time in Y2011Capital Expenditure recorded 45% or N28.995bn as against N17.503bn or 27.7% performance same time Y2011Capex/Recurrent ratio of 36:64 compared to 30:70 for Q1 2011Overall, a better budget performance in Q1 2012 to Q1 2011However, performance well below 90% set target
MEPB: Q1 Y2012 Budget Performance Appraisal29
Slide30Personnel Cost (Jan. – Mar.’12)
MEPB: Q1 Y2012 Budget Performance Appraisal
30
Provision Budget
(Nbn)
Actual
Nbn Perf. %
Total Personnel Cost20.406
19.046
93Personnel Costs
NYSC/Interns(Allowances)
16.574
0.075
16.275
0.064
98
85
Other
Personnel Costs
0.167
-
-
7.5% Govt. Share of Pensions contribution
1.201
0.728
61
5% Pension Redemption Bond Fund
0.801
0.813
102
Pension &
Gratuities(Civil Servants, Teachers
1.175
0.776
66
Pensions & Gratuities(Lagos State High Court)
0.063
0.45
71
Pensions & Gratuities(
Parastatals
)
0.050
0.45
90
Pension Sinking Fund
0.300
0.300
100
Slide31Q1 Personnel Cost Performance AppraisalPersonnel Cost continued to increase in Q1, adding N258m to the amount paid in Q1 2011
Q1 personnel Cost was 35.8% of IGR and 37.5% of Total Recurrent, exceeding both the State’s Wage Policy and World Bank DPO trigger limitsClearly, efforts to contain growth in Personnel Cost, including urgent conclusion of the Personnel Audit, need to be driven
MEPB: Q1 Y2012 Budget Performance Appraisal31
Slide32Q1 PERSONNEL PERFORMANCE FROM 2008 TO Y2012
YEAR
PROVISIONNbnJan – Mar. ACTUALNbnJan – Mar.
%2008
12.023
8.428
70200913.5869.663
71.02010
11.270
12.357109.7
2011
17.057
18.788
110.1
2012
20.406
19.046
93.0
MEPB: Q1 Y2012 Budget Performance Appraisal
32
Slide33Overhead Cost (Jan. – Mar’12)
MEPB: Q1 Y2012 Budget Performance Appraisal
33
Provision
Budget
(Nbn)
Actual
(Nbn)
Performance
%
Total Overhead Costs
37.999
31.690
83
Overhead Costs
21.396
23.641
110
Dedicated Expenditure
6.399
1.456
23
Subvention
7.230
3.600
50
Staff Housing Fund
0.013
-
-
Debt Charges External Debt
0.263
0.157
60
Debt Charges Internal Debt
1.740
2.836
163
Debt Charges (Bond)
0.961
-
-
Slide34Overhead Cost Appraisal
MEPB: Q1 Y2012 Budget Performance Appraisal
34Total core Overhead Cost Performed at 110% compared to IGR performance of 73%; we need to contain actual Overhead Costs relative to budget to not more than the IGR performance rate; here again concerted action is required by all concerned
Debt Charges on Internal Debts amounted to 163% of budget, mainly reflecting tightness in the money market resulting in higher borrowing costs
Slide35Y2012 Recurrent Expenditure (Jan – Mar,’12)
Detail
Budget
Nbn
Actual
Nbn
Performance
%
Total Recurrent
58.405
50.736
87
i
. Personnel Cost
20.406
19.046
93
ii. Overhead Cost
37.999
31.690
83
MEPB: Q1 Y2012 Budget Performance Appraisal
35
Slide36Q1 RECURRENT EXPENDITURE FROM Y2008 TO Y2012
YEAR
PROVISIONACTUAL%200839.909
28.765
72
2009
39.866 33.132 832010
41.254 33.115
80.3
201149.545
41.405
83.6
2012
58.405
50.736
87
MEPB: Q1 Y2012 Budget Performance Appraisal
36
Slide37Q1 RECURRENT EXPENDITURE FROM 2008 TO Y2012
MEPB: Q1 Y2012 Budget Performance Appraisal
37
Slide38Q1 CAPITAL /RECURRENT RATIO FROM Y2008 TO Y2012
YEAR
BUDGET PROJECTIONACTUAL PERFORMANCE200860:40
52:48
2009
61:39
51:49201058:4231:69
201156:44
30:70
2012
53:47
36:64
MEPB: Q1 Y2012 Budget Performance Appraisal
38
Slide39CAPITAL /RECURRENT RATIO APPRAISAL
Target set by the BRF Administration in 2008 was 60:40Target met only in Y2009Trending away from target at faster pace than envisaged due to bloating personnel costs & overheads without commensurate growth in Revenues
Need to halt trend by tightening expenditure control, more focused treasury management and intensification of Revenue drive MEPB: Q1 Y2012 Budget Performance Appraisal39
Slide40Q1 Y2012 Financing Activities
MEPB: Q1 Y2012 Budget Performance Appraisal
40
Detail
Approved
Budget
Approved BudgetJan – Mar.
Actual
Jan-Mar
%
Perf
.
Nbn
Nbn
Nbn
FINANCING REQUIREMENT
(66.430)
(16.608)
7.968
(48)
FINANCING
66.430
16.608
8.649
52
FINANCING (SOURCES)
145.593
36.398
21.851
60
External loans
(
i
) DP0
(ii) Others
30.000
27.664
7.500
6.916
0
1.851
0
27
Internal Loans
37.929
9.482
20.000
211
Bond Issue
50.000
12.500
0
0
REPAYMENTS
79.163
19.791
13.202
67
External Loans (Principal Repayments)
0.613
0.153
0.179
117
Internal Loan (Principal Repayments)
36.811
9.203
6.396
70
Consolidated Debt Service Accounts
41.739
10.435
6.627
64
Slide41Y2012 Financing Activities cont’d
MEPB: Q1 Y2012 Budget Performance Appraisal
41Financing Activities for Q1 2012 show that despite a net revenue surplus of N7.97bn, the State borrowed a net amount of N8.65bn. This implies that the Treasury should have N16.62bn at its disposal as we enter 2012, which should be applied to pay capital works contractors to enhance our
Capex performance
Ministry of Finance & Debt Management Office need to drive budgeted loan draw-downs intensively or seek urgent restructuring of the Borrowing Plan to ensure budget performance for the year is not adversely affected severely
Slide42SUMMARY OF PROJECTS CERTIFIED IN Q1 2012
SECTORIAL CLASSIFICATIONNOS. OF PROJECT INSPECTED AND CERTIFIED
CONTRACT VALUE
CERTIFICATION VALUE
EDUCATION SECTOR
29
1,241,623,255.16147,470,904.39
ENVIRONMENT PROTECTION SECTOR
10
4,015,301,545.62
237,361,865.09
ECONOMIC AFFAIRS
53
92,433,795,597.83
7,686,931,793.90
HOUSING AND COMMUNITY AMENITIES
52
4,986,644,388.61
592,261,852.85
GENERAL PUBLIC SERVICES
11
608,685,648.23
103,645,381,.31
PUBLIC
ORDER AND SAFETY
1
24,420,000.00
1,221,000.00
RECREATION CULTURE AND RELIGION
1
49,500,000.00
8,775,000.00
HEALTH
1
58,147,000.00
2,844,700.00
SOCIAL PROTECTION
-
-
-
GRAND TOTAL
158
103,418,117,435.45
8,780,512,497.54
MEPB: Q1 Y2012 Budget Performance Appraisal
42
Slide43Q1 Project Certification Reports158 projects were inspected and certified for payment;
Total contract sum for the project was N103.4bnSum of N 8.8bn was certified for payment;Most Contractors are not working within contract time frame, suggesting a weakening in our project management and/or deliberate slow-down by Contractors due to anxieties over payments due them
MEPB: Q1 Y2012 Budget Performance Appraisal43
Slide44Q1 Project Certification Reports………2/
COMMENTED AND RETURNED PAYMENTS CERTIFICATES (PC), JAN. – MAR, 2012
S/NMONTHSNO. OF PC
TOTAL CONTRACT SUMADVANCE/
PREVIOUS PAYMENT
AMOUNT DUE
1Jan.11285,997,556.73
190,212,780.0033,117,607.58
2Feb.
1
61,790,924.21
58,701,378.00
3,089,546.21
3
Mar.
6
451,450,350.21
303,399,068.86
84,696,642.17
Total
18
799,238,831.15
552,313,226.86
120,903,795.96
MEPB: Q1 Y2012 Budget Performance Appraisal
44
Reasons For Return of PC’s
Non-compliance to standard Format /procedures
Unacceptable quality of works
Slide45OBSERVATIONS/RECOMMENDATIONS
MEPB: Q1 Y2012 Budget Performance Appraisal
45The Overall Budget performance of 65% is far short of the set benchmark of 90%; Revenue is a key limiting factorRevenue generating Agencies other than LIRS performed at 59%;
Most MDAs still pay inadequate attention to revenue generation and monitoring;
Such revenue generating Agencies need to improve on their performance;
Slide46OBSERVATIONS/RECOMMENDATIONS……..2/MEPB:1st Quarter Y2012 Budget Performance Appraisal
46
4.Poor accounting for Government revenues, largely due toNon-activation of Account Receivable Module on the Oracle SystemLack of inter-face between the Electronic Banking Revenue Collection Management (EBRCM) being used by the Revenue Consultant, ABC and the Oracle DatabaseLeakages arising from collusion between banks and officials of the State GovernmentMultiple Revenue Bank Accounts
Slide47OBSERVATIONS/RECOMMENDATIONS……..3/
MEPB:1st Quarter Y2012 Budget Performance Appraisal
47 We recommend the following way- forward:Develop strategy to ensure Government’s total control of the Oracle System in the StateCreation of professional cadre of well trained and incentivized officers to manage and maintain the Oracle SystemAdoption of a Treasury Single Account (TSA) for all Government Revenues??A meeting has been scheduled by MEPB with ABC, Soft Alliance/ MOST, STO and other Revenue Agencies on the way forward to improve accounting for State revenues
Slide48OBSERVATIONS/RECOMMENDATIONS……..4/
MEPB: Q1 Y2012 Budget Performance Appraisal48
5. Recurrent Expenditure is crowding out much-needed Capital expenditure; Continuing efforts at control on Recurrent Expenditure to free funds for Capital Projects is imperative6.MOF & DMO need to expedite action in Y2012 on planned loan draw-downs or restructuring of same, as the net financing programme accounts for 13.5 % of budgeted expenditure
Slide49OBSERVATIONS/RECOMMENDATIONS……..5/
MEPB: Q1 Y2012 Budget Performance Appraisal49
7
. Most Agencies are yet to seriously imbibe a culture of cost-consciousness; Agencies are hereby reminded that there is total ban on procurement of T-shirts, caps,
ankra
, printing of elaborate programmes of events and other unnecessary items during State programmes/ceremonies
Slide50OBSERVATIONS/RECOMMENDATIONS…... 6/
8. RETURNED VOUCHERS: Y2011 unpaid vouchers totalling N41,587,057,190.48bn were returned by STO, (Capex
N28,917,953,952.39: Recurrent N12,669,103,238.09)These were mostly revalidated into Y2012 budget of MDAs, after obtaining the concurrence of the affected Agencies especially for CapexMEPB: Q1 Y2012 Budget Performance Appraisal50
Slide51OBSERVATIONS/RECOMMENDATIONS…... 7/ However, Returns from STO indicate that not all Y2011 revalidated vouchers have been settled while Agencies continue to charge their Y2012 Budget provisions for new expenditures
The matter of unpaid vouchers should be conclusively resolved without further delay
MEPB: Q1 Y2012 Budget Performance Appraisal51
Slide52PRAYERS
MEPB: Q1 Y2012 Budget Performance Appraisal
52The Executive Council and the Body of Permanent Secretaries are invited to:
note that the Y2012 Budget size was N491.941bn. The prorated budget size for the 1st
Quarter was N122.985bn while the overall performance for the quarter was 65% compared to 52.3% for 1
st
quarter Y2011;note that the Total Revenue performed at 85% or N85.103bn.note that the Total Capital Receipts for the period amounted to N2.596bn representing 40%;iv. note that the Recurrent Expenditure for the period performed at 87% or N50.736bn (Personnel Cost – 93%; Overhead Cost – 83%)
Slide53PRAYERS………2/
MEPB: Q1 Y2012 Budget Performance Appraisal
53
v. note that the Capital Expenditure performance was N28.995bn or 45% ;
vi note that Capital/Recurrent Expenditure Ratio close at 36:64 as against 53:47 projected for the period under review;
vii
note and consider all the issues/challenges and recommendations raised; and
viii approve the Y2012 Q1 Budget Appraisal as presented .
Slide54THANK YOU FOR LISTENINGQuestions
EKO O NI BAJEMEPB: Q1 Y2012 Budget Performance Appraisal
54