President Muhammadu Buhari presented the 2016 national budget before a joint session of the National Assembly on Tuesday, December 22, 2015.
The 6.07 trillion Naira budget proposal for 2016 was predicated on $38 per barrel oil benchmark; 197 Naira exchange rate.
This budget is up to 40 per cent increase from the previous budget of 4.357 trillion Naira which was presented to the National Assembly in 2014 by former President Goodluck Jonathan’s administration.
Senate President, Dr. Bukola Saraki said in his remarks that the National Assembly will swiftly pass 2016 Budget to quickly reflate the economy.
President Buhari, while presenting the budget said that Nigeria remains committed to diversification to build and reflate the economy. He also stated that the 2016 budget would focus on addressing youth unemployment and cater for the vulnerable,
He stated that there would be changes in the way government conducts its business as all MDAs would be required to prepare and present their annual budgets on time. “We will align fiscal, monetary and investment policies,” said the President.
Another highlight of the President’s presentation was his announcement that petrol pump price would stay at 87 naira per litre “for now” as the government continues working hard to end scarcity.
The budget presentation by President Buhari is coming just as the National Assembly approved the Medium Term Expenditure Framework (MTEF).
The Federal Executive Council (FEC) had on December 7 approved the Medium Term Expenditure Framework which pegs the 2016 Budget at six trillion Naira.
