Total recurrent government expenditure at present stands at N25 billion per month. The president has pledged to tackle this crime accordingly. On the recent declaration by the Central Bank that the nation had recorded a N60 billion deficit in the 2000 budget, the president said that this shows an unacceptable but much reduced deficit especially since the government had originally projected a N96.5 billion deficit for the present fiscal year. Nigeria's president Olusegun Obasanjo has outlined part of his 2001 budget in a bid to show that he is working better with the country's legislature to produce a suitably balanced budget on time and with the National Assembly's blessing. The provision of adequate and uninterrupted electricity is a major priority, keeping the presidential promise that electricity will be stable by the end of next year.
Telecommunications also get much attention.
The president confirms that the budget will be presented to the National Assembly in mid November. He described the proposed 2001 budget as significant in that it will see his administration into its mid term. As part of the priorities of the budget, the president said a road would be constructed to link Port Harcourt to Bonny linking four local governments. According to the president, the bill is aimed at encouraging tighter financial management, tougher anti-corruption plans, high capital utilisation and better overseas exports. We are not going to touch that.