Tuesday, 22 December 2015

Buhari Presents N6.08trillion 2016 Budget to the Nigerian National Assembly

President Buhari this morning presented the N6.08 trillion 2016 budget to the National Assembly members. During his speech, President Buhari said Nigeria remains committed to diversification to build and reflate the economy. 

On the current fuel scarcity, Buhari apologized to Nigerians & blamed it on some stakeholders who have refused to embrace change. He said fuel pump price will remain at N87 for now.

He said the trust in govt is at an all time low but that his govt will not betray the trust put in them. He said his government has the will, resources and commitment to deliver to the Nigerian people.

He announced that a Conditional Cash Transfers to the poor will be created and that it will be managed by the Vice President's office. On the educational sector, Buhari said 500, 000 teachers will be recruited.On the diversification of the economy, Buhari said young farmers and miners will be encouraged. He added that N1.884 Trillion shall be borrowed to fund the budget.

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.
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