Overview Of The Nigeria 2016 Budget

Overview Of The Nigeria 2016 Budget: A look at the full brakedown of the 2016 budget presented by Mr. Persident Muhammadu Buhari, and some of the main reason why it have not been pass to law  till date.


HERE IS THE FULL BREAKEDOWN OF THE 2016 BUDGET

GDP Growth Rate Projection:  5.37%

Revenue projection:          3.86% Naria

Deficit:                     2.22 Trillion Naria

Oil Revenue:                 820 Billion Naria

Non Oil Revenue:             1.51 Trillion

Capital Expenditure:         1.8 Trillion Naria  (30%) of the budget

Project Indepensemt Revenue: 1.54 trillion Naria

Health:                      221.5 Billion Naria

Education:                   369.5 Billion naria

Defence:                     294.5 Billion Naria

Transport:                   202.5 Billion Naria

Works, Power, and Housing:   433.5 Billion Naria

Special Intervention Prog:   333.5 Billion Naria

Maturing Loads:               11.6  Billion Naria

Sinking Funds towards the R- 113.5 Billion Naria

Debt Service:                1.45 Billion Naria

Non Dept Expenditure:        26.5 Trillion


Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.
There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.
The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

SOME OF THE MAJOR REASONS WHY THE 2016 YEARLY BUDGET HAVE NOT BEEN PASS INTO BY THE NATIONAL ASSEMBLY

President Muhammadu Buhari appears set to return the 2016 Budget to the National Assembly to rework because what the lawmakers sent to him  for assent, according to Presidency sources, fell below his expectations.

This means, Buhari will not sign the Appropriation Bill into law.The President is desirous of signing the Bill into law so that implementation of the provisions could begin in earnest for the benefit of the people.
The President is desirous of signing the Bill into law so that implementation of the provisions could begin in earnest for the benefit of the people.