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| PRESIDENT MUHAMMADU BUHARI BEFORE NATIONAL ASSEMBLY |
Nigeria’s President,
Muhammadu Buhari today, December 22nd, presented the 2016 national
budget to the joint session of the Nigerian Parliament (Senate and House of Representatives).
The budget which amounts to
N6.07 trillion (15% higher than 2015 budget) is the first budget since his
inauguration as president. The budget which as usual is based mostly on oil
revenue put a benchmark of $38 per barrel and a production estimated at 2.2
million barrels each day for 2016.
In his address, he gave
assurance that the government would ensure the recovery of all looted funds at
all cost. He also said the government will invest in equipping the country’s
farmers with the right tools, technology and techniques. President Buhari said
Nigeria would invest in security to safeguard lives and property while investing
in empowering & enabling miners to operate in a safe, secure & humane
environment. He also stated that investment
would be made in training the nation’s youths through the revival of technical
& vocational institutions.
President Buhari said priority would be
placed on delivering security, jobs creation and infrastructure and he called
for the support of all civil servants, the organized labour, industry groups,
the press, religious and traditional institutions.
The President
also announced plans to raise spending by 20% next year mostly financed by
heavy borrowing amounting to N900 billion internationally and N984 billion
locally due to the falling oil prices. Mr
Buhari noted the huge decline of oil prices was having a painful effect on the
economy with consumption declining at all levels both in the private and public
sectors and employers having to struggle to meet their obligations. He said the
petrol pump price would be maintained at N87/liter in 2016.
He
said he expected Nigeria's economy to grow by 4.4% next year and the 2016
budget was designed to ensure the revival of the economy, deliver inclusive
growth to Nigerians and create a significant number of jobs.
See
pictures of the presentation below:
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