Buhari signs 2016 budget

Nigerian President, Muhammadu Buhari has finally signed the 2016 Appropriation Bill into law. 

The budget was signed almost six months after it was presented to the National Assembly. There had been many months of political wrangling between the National Assembly and Presidency over specific aspects of the budget. 

The budget was signed at 12 noon at a short ceremony at the President’s office, in Aso Rock.

Present at the budget signing ceremony were the Vice President, Yemi Osinbajo, Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun,.

Others present at the ceremony are: Minister of Budget and National Planning, Udoma Udo Udoma, Minister of Finance, Kemi Adeosun, Minister of State for Budget and National Planning, Zainab Ahmed, Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo, Chairman Senate Committee on Appropriation, Danjuma Goje, Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.

President Buhari presents 2016 Budget

President Buhari became the first Nigerian president in recent years to present the budget to a joint session of the National Assembly this morning. Buhari stated that Nigeria remains committed to diversification to build and reflate the economy. He also reiterated that the 2016 budget will focus on addressing youth unemployment and cater for the vulnerable.

The President further added that during his administration, all MDAs will be required to prepare and present their annual budgets on time. The highlights of the budget saw the Ministry of Education getting a higher allocation than the Ministry of Defence. The government plans to spend N369.9 billion on education and N294.5 billion on defence. Capital expenditure is expected to increase from N557 billion to N1.87 trillion.

He said the government was working hard to end the current fuel scarcity and that petrol pump price will remain at N87 per litre for now.

The senate President, Bukola Saraki said the National Assembly is ready to swiftly pass the budget to help reflate the economy and said the budget should deemphasize recurrent spending and focus on capital expenditure to grow the economy.

The total proposed budget was N6.08 trillion with a $38 oil price benchmark, which the president admitted is higher than the current prices at the market.