2016 Budget N6.08trillion And Breakdown

President Muhammad Buhari has presented a N6.08 trillion budget for the fiscal year 2016.Mr. Buhari presented the budget Tuesday morning before a joint session of the National Assembly.

In the budget, capital expenditure takes N1.8 trillion, marking a significant over 300 per cent increment from the 2015 vote of N557 billion.
According to the estimate, N396billion is voted for education, being the largest sectoral allocation.

 The health sector gets N296 billion while defence has N294 billion.
This is the first in three years a Nigerian President would personally present a budget before the National Assembly.
That approach by Mr. Buhari earned him commendation by the Speaker of the House of Representatives, Yakubu Dogara, who joked that he had expected the President to tweet or email the budget details.

In his speech, Mr. Buhari said he was aware Nigerians were losing confidence in the government.

“But I promise the 2016 budget would address the problems,” the President said. “We are here to serve Nigeria and indeed Nigerians will get the services they have longed for.”
According to Mr. Buhari, the budget would ensure reduction in taxes for small businesses.
While reiterating his commitment to economic diversification, he said farming and mining would be given special focus.





He also promised that 500,000 new teachers would be recruited.
He assured that the Nigerian economy would cease to be oil dependent and would instead be characterised by inclusive growth.


“We must deliver security, jobs and infrastructures,” Mr. Buhari said.





On the hardship been faced by Nigerians as a result of fuel scarcity, the President apologised for the situation, admitting he was aware the scarcity had caused social dislocation across the country


He blamed the scarcity on speculators and those “resisting change” and assured Nigerians government was working hard to cushion the difficulty.

The President said he has directed the Petroleum Product Pricing Regulatory Authority to continue the sell of petrol at N87 per litre for now.
Text culled from premiumtimes

 

GDP Growth Rate Projection	4.37%
Revenue Projection	3.86 Naira
Deficit	2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues	820 billion Naira
Non-oil Revenues	1.45 trillion Naira
Projected Independent Revenues	1.51 trillion Naira
Capital Expenditure	1.8 trillion Naira (30%  of total budget)
Works, Power and Housing	433.4 billion Naira
Transport	202.0 billion Naira
Interior	53.1 billion Naira
Special Intervention Programs	300 billion Naira
Education	369.6 billion Naira
Defence	294.5 billion Naira
Health	221.7 billion Naira
Ministry of Interior	145.3 billion Naira
Foreign and Domestic Debt Service	1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans	113 billion Naira
Non-debt Recurrent Expenditure	2.65 trillion Naira