Tuesday, December 22, 2015 11:44 am
President Muhammadu Buhari, on Tuesday, presented to a joint session of the National Assembly N6.07 trillion budget proposal for 2016. It was predicated on $38 per barrel oil benchmark and N197 exchange rate.
Also, Buhari announced that petrol pump price would stay at N87 per litre “for now as the government continues working hard to end scarcity.”
Other features of the budget is the promise by Buhari to address “youth unemployment, cater for the vulnerable” commit himself “to diversification to build and reflate the economy.”
Buhari emphasised that there would be changes in the way government conducts its business as all MDAs would be required to prepare and present their annual budgets on time. “We will align fiscal, monetary and investment policies,” Buhari said.
Buhari’s budget shows an increase of about 40 per cent from the N4.357 trillion 2014 budget which former President Goodluck Jonathan sent to the National Assembly in 2014.
This year, however, Buhari did not send the budget, he was at the National Assembly personally to present it.The Senate President, Bukola Saraki, acknowledged this in his opening speech and promised that he and his colleagues would not waste time in passing the budget.