The Nation December 14, 2011

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Alao-Akala re-arraigned for alleged corruption P4 Nigeria’s Olympic medallist Sunday Bada dies at 41 P23 Buhari vs President: Supreme Court to rule Dec. 23 P4 www.thenationonlineng.net

VOL. 7, NO. 1974 WEDNESDAY, DECEMBER 14, 2011

TR UTH IN DEFENCE OF FREEDOM TRUTH

N150.00

I wish to reiterate here that the ‘principal objective of my Administration’s fiscal policy in the area of tariffs and trade is to promote industrialisation and the growth of the manufacturing and agricultural sectors of the economy and above all to generate employment for Nigerians. •President Jonathan ... yesterday

PHOTO: STATE HOUSE

Security gets N921.91b Jonathan unveils N4.7tr Budget 2012

N

IGERIANS got yesterday a glimpse into their economic well-being next

year. Low income earners will get a tax cut, cassava bread will displace flour bread on the breakfast table and waivers and concessions on rice importation will be thrown out of the window.

FACTS AND FIGURES •Tax cut for low income earners •100,000 jobs coming from You Win •Encouragement of investment in downstream sector of oil industry •Agricultural machinery, certain equipment to attract zero duty •Bakeries to get 10 months to transit from wheat to cassava use •Cassava flour equipment duty free •No waiver for rice, wheat importation •Zero duty for power sector equipment •Effective mortgage finance system

SECTORAL ALLOCATION N49.23b •Security N921.91b •Aviation N54.83b •Power N161.42b •Transport •Works N180.8b •Lands and Housing N26.49b •Education N400.15 •Science and •Health N282.77 Technology N30.84b •Agric and rural N59.72b development N78.98b •Niger Delta •Federal Capital N45.57b •Water Resources N39b •Communications •Petroleum N18.31b Resources N59.66b Technology

From Onyedi Ojiabor, Nduka Chiejina, Sanni Onogu, Victor Oluwasegun and Dele Anofi, Abuja

But security will – apparently in the spirit of the times – get priority, with the government voting N921b of the N4.749tr it plans to spend next year. The proposal is an increase of six per cent over the N4.484 trillion appropriated for 2011.

President Goodluck Jonathan unveiled the fiscal estimate at a Joint Session of the National Assembly in Abuja. Curiously, Dr. Jonathan did not use the phrase “fuel subsidy withdrawal” as he explained his budget of “fiscal consolidation, inclu-

sive growth and job creation”. But in what was seen as a veiled reference to the combustible issue, which will surely see fuel prices rising, Dr Jonathan spoke about his administration’s determination to conclude work on the Petroleum Industry Bill (PIB).

•Analyses - Pages 2,16&17 •Reactions- Pages 16&17 •President’s speech - Pages 14&15

Continued on page 2

•SPORT P23 •LIFE P29 •POLITICS P45 •MONEY P47 •INVESTORS P49


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The Nation December 14, 2011 by The Nation - Issuu