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Buhari Presents 6.08 Trillion Naira Budget to National Assembly

President Muhammadu Buhari has today presented a budget of 6.08 trillion naira to the National buhari budget 2016Assembly saying, “this budget proposal, the first by our Government, seeks to stimulate the economy, making it more competitive by focusing on infrastructural development; delivering inclusive growth; and prioritizing the welfare of Nigerians. We believe that this budget, while helping industry, commerce and investment to pick up, will as a matter of urgency, address the immediate problems of youth unemployment and the terrible living conditions of the extremely poor and vulnerable Nigerians”.

The budget is benchmarked on a price of $38 per barrel and a production estimate of 2.2 million barrels per day with a focus on non-oil revenues and broadened tax base and effective tax collection through strengthened tax and revenue agencies with a revenue projection of N3.86 trillion resulting in a deficit of N2.22 trillion.

The deficit, which is equivalent to 2.16% of Nigeria’s GDP will take the overall debt profile to 14% of the gross domestic product which is still within the fiscal limit as deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totaling N1.84 trillion.

A novel in the budget is the increment in the capital expenditure from N557 billion as obtains in the 2015 budget to N1.8 trillion which represents 30% of the total budget out of which Works, Power & Housing got N433.4 billion; Transport–N202.0 billion; special intervention programs–N200.0 billion; Defence-N134.6 billion; interior-N53.1 billion; Education-N294.5 billion, Health-N221.7 billion.

The budget has proposed 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 budget to N2.35 trillion in 2016 and reduced overheads by 7%, personnel costs by 8% and other service wide votes by 19%.

The sum of N113 billion will be set aside as sinking fund towards the retirement of maturing loans while N1.36 trillion will be provided for foreign and domestic debt service.

Senate Clears Ministerial Nominees

Published on: 2015-10-14 00:05:45 Hits : 10394
Senate Clears Ministerial Nominees No filibustering Final list released Screening continues Contrary to expectation today, the Nigerian Senate has cleared all Ministerial nominees with no filibustering. They are Mr. Kayode Fayemi, Chief Audu Ogbeh, Osagie Ehanire, Am...

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The Senate | Federal Republic of Nigeria | National Assembly Complex | Three Arms Zone, PMB 141, Abuja | Nigeria