The presentation of the 2016 budget was done today by the President before a joint session of the National Assembly.
President Muhammadu Buhari during the 2016 budget presentation (photo Channelstv)
On Wednesday, 22 December 2015, the President of Nigeria Muhammad Buhari presented a budget of N6.08 trillion for the fiscal year 2016.
This was done before the joint session of the National Assembly. This is the first in three years a Nigerian President would personally present a budget before the National Assembly.
The Breakdown of the budget shows that capital expenditure takes N1.8 trillion, which marks a significant over 300 per cent increment from the 2015 vote of N557 billion while the education sector got N396billion, being the largest sectoral allocation. Other sectors such as health was given N296 billion while defence has N294 billion.
The president earned commendation for coming in person to address the joint session of the National Assembly. It was however all laughter after Speaker of the House of Representatives, Yakubu Dogara, who joked that he had expected the President to tweet or email the budget details.
While speaking more on the budget and expectation of Nigerians, Buhari said he was aware Nigerians were losing confidence in the government but promised a turnaround.
“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,” Buhari said.
On the hardship been faced by Nigerians as a result of fuel scarcity, the President apologized 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. He therefore asked everybody to join hands in making the country better as he declared his commitment and that of his appointed ministers to move the country forward.