2016 Budget
- Buhari apologises for fuel scarcity
- Cash transfer for poor Nigerians
- Oil benchmark is $38 per barrel
- Petrol price N87 ‘for now’
- Total budget – N6.08 tr
- No provision for fuel subsidy
- Capital budget is N1.8tr
- To restructure oil and gas sector
- Revenue projection – N3.86 tr
- Meals for primary school pupils'
- Deficit – N2.22 tr
- Free Education for Science/Tech students
SECTORAL ALLOCATIONS
- Health – N221.7b
- Transport – N202.0b
- Defence – N134.6b
- Interior – N53.1b
- Works, Power and Housing – N433.4b
- Special Intervention Programmes – N200b
- Labour/Employment –N500b
- Education- N369.6b
The Federal Government, on Tuesday in Abuja earmarked N433.4 billion in the 2016 budget for its services in the Ministry of Power, Works and Housing. President Muhammadu Buhari stated this on Tuesday in his 2016 budget speech delivered at the Joint session of the National Assembly.
He said it was the intention of government to raise the percentage allocation for capital expenditure in future.
Capital Expenditure: N1.8 trillion
“To deliver our development objectives, we have increased the capital expenditure portion of the budget from N557 billion in the 2015 budget to N1.8 trillion in the 2016 budget. “For the first time in many years, capital expenditure will represent 30 per cent of our total budget. “In future years, we intend to raise the percentage allocation for capital expenditure,’’ he said.
Buhari said that the measure became necessary in fulfillment of the government’s promise to align expenditure to long-term objectives and government’s commitment to sustainable development. According to him, this increased in capital expenditure commits significant resources to critical sectors such as Works, Power and Housing to the tune of N433.4 billion.
Below is a further breakdown of the budget:
Transport: N202.0 billion
Transport would gulp N202.0 billion;
Special Intervention Programmes: – N200.0 billion
Defence: – N294.5 billion;
Interior: – N145.3 billion.
Health: – N221.7bn
Education: – N369.6 billion
Foreign and domestic debt servicing: – N1.36 trillion
The President said these investments in infrastructure and security were meant to support the nation’s reforms in the Agriculture, Solid Minerals and other core job-creating sectors of the nation’s economy.
“We will invest to safeguard lives and property. We will invest in equipping our farmers with the right tools, technology and techniques. “We will invest in empowering and enabling our miners to operate in a safe, secure and humane environment.
“We will invest in training our youths, through the revival of our technical and vocational institutions to ensure they are competent enough to seize the opportunities that will arise from this economic revival,’’ Buhari said. The President presented a budget of N6.08 trillion for 2016 with a revenue projection of N3.86 trillion, resulting in a deficit of N2.22 trillion. Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
Enter your comment...Allah shi tayaka gudanarda mulkin nan Allah shi kareka akan mahasada danka.
ReplyDeleteNow, with ball in his court, let's see how far Buhari administration will go in the new fiscal year.The dice is cast, danger in delay.But as events are unfolding, I keep watching.
ReplyDeleteThat was good new but lets see first:
ReplyDeleteThats good from their saying, its ok lets see,
ReplyDeleteLong live GMB, May ALLAH protect you amin.
ReplyDeleteThe hausa/fulani fools will support this out of sentiment not asking if we have ever borrowed to prepare budget. Why cant we have developmental programmes for God's sake?
ReplyDeleteDid you read the budget at all?
DeleteNonsense. You are the one who is a fool of the highest order. Misersbke wretch.
DeleteNonsense. You are the one who is a fool of the highest order. Misersbke wretch.
DeleteNonsense. You are the one who is a fool of the highest order. Misersbke wretch.
DeleteU are the foolest with ur comment. Enter school and learn
ReplyDeleteNo country survive without borrowing but what you borrow for it what matter. Developmental project or consumption? But I can see from this that we are not borrowing to pay salary but for developmental of our decayed economy. I give kudos to the managers of the budget preparation. First time in history of Nigeria we increase the capital expenditure.wow
ReplyDeleteLet us see whether this is a change for worst or the better. Time will tell. I am already spelling terrible odour from the government
ReplyDeleteThe odour will kill u soon
DeleteGood budget, especially giving priority to power, housing, works, education and health. These are things the so-called common man need. Let's hope the implementation would be thorough.
ReplyDeleteThe public budget of 2016 will be immensely fulfilled and productive.The budget of this year will bring economic recovery fot the people particularly the less priviledge.Why saying this is that is creating 500,000 teaching jobs and entreprenuelship for unemployed graduates,free education for students of science and technology and free meals for primary school pupils and attract foreign investors through capital projects etc.This is the best and most investible budget so far since 1999.
ReplyDelete