Pres. Buhari Presents 2016 Budget To NASS, Promises To Rebuild The Economy And Make Nigeria Stronger
President Muhammadu Buhari on Monday presented the 2016 budget before the national assembly, delivering a balanced, strong and impressive speech.
The President presented a N6.08 trillion expansionary budget proposal, comprising of N1.8 trillion for capital spending (approximately 30 per cent). Last year’s capital budget was just about N557bn representing just about 12 percent of the total budget.
The budget assumes a crude oil price of $38 per barrel. Last year’s projection was $53 per barrel. Also, it is based on a projection that Nigeria will produce 2.2million barrels per day. The government is projecting a revenue of N3.86 trillion, which means that there will be a deficit of N2.22 trillion representing 2.16 per cent of GDP.
President Buhari announced that the government is looking at a growth rate next year of 4.37%. He announced several measures in his speech that the government will take like reduction in tax rates for small businesses and partnering with states and local governments to recruit, train and deploy half a million NCE holders in our schools,among others.
President Buhari apologised for the fuel crisis in the nation as well as the challenges in accessing foreign exchange by Nigerians.
The confidence of many might be shaken but I stand before you today promising that we will secure our country, rebuild our economy and make the Federal Republic of Nigeria stronger than it has ever been,” said Buhari after enumerating the challenges Nigeria faces locally and internationally.
“I know many people will say we have heard this before. Indeed trust in government is at an all time low. Oursactions will speak for us. We will not betray the trust reposed in us,” Buhari said.