President Muhammadu Buhari’s proposed national budget for next year is significantly higher than that of the previous administration with some special features.
2015 is almost over, in no time the government is expected to present its 2016 budget to the National Assembly.
Below are the highlight of Nigeria’s proposed national budget for next year:
1. The entire budget is pegged at N6.04 trillion.
2. Proposed government revenue is N3.82 trillion, projected deficit is N2.22 trillion.
3. N63.29bn has been allocated for fuel subsidy in the 2016 fiscal year.
4. N500 billion is budgeted for Social Welfare Intervention Programmes Initiative, conditional cash transfer to the most vulnerable and post-NYSC grant.
5. According to the government, N350.33 billion misappropriated funds will be recovered in 2016 to help fund the budget.
6. 2016 Budget is the most expensive ever proposed by any government.
7. Oil Price benchmark for 2016 is set at $38/bbl.
8. Only 30% of the budget will be spent on capital projects.
