Breaking president muhammadu buhari signs 2016 budget #
A blast from the past!
On June 17, 2016, President Muhammadu Buhari signed the 2016 Budget into law. The budget, which was presented to the National Assembly by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, on December 22, 2015, was a record N6.06 trillion (approximately $15.3 billion USD).
The 2016 budget was themed "Budget of Change" and was designed to address the country's economic challenges, including the decline in oil prices and the need to diversify the economy. The budget was also aimed at promoting economic growth, reducing poverty, and improving the standard of living of Nigerians.
Some key highlights of the 2016 budget include:
- Oil revenue: The budget projected oil revenue of N2.6 trillion (approximately $6.5 billion USD), which was lower than the previous year's projection due to the decline in oil prices.
- Non-oil revenue: The budget projected non-oil revenue of N1.4 trillion (approximately $3.5 billion USD), which was expected to come from sources such as taxes, customs duties, and other non-oil revenue streams.
- Capital expenditure: The budget allocated N1.3 trillion (approximately $3.3 billion USD) for capital expenditure, which was aimed at promoting economic growth and development.
- Recurrent expenditure: The budget allocated N2.6 trillion (approximately $6.5 billion USD) for recurrent expenditure, which included salaries, pensions, and other operational costs.
- Debt servicing: The budget allocated N1.3 trillion (approximately $3.3 billion USD) for debt servicing, which included the repayment of domestic and foreign debts.
Overall, the 2016 budget was designed to promote economic growth, reduce poverty, and improve the standard of living of Nigerians. However, the budget faced some challenges, including the decline in oil prices and the need to diversify the economy.