Tag budget 2016 senate gets proposals for nnpc

Here are the proposals for the Nigerian National Petroleum Corporation (NNPC) as contained in the 2016 Budget Proposal presented to the Senate by President Muhammadu Buhari:

NNPC Budget Proposal 2016

  1. Revenue Projection: N1.35 trillion
  2. Expenditure: N1.35 trillion
  3. Surplus: N0 billion (expected to break even)

Key Proposals

  1. Capital Expenditure: N434.8 billion (32% of total budget)
    • Exploration and Production: N120 billion
    • Refining and Petrochemicals: N100 billion
    • Gas Development: N50 billion
    • Pipelines and Storage: N20 billion
    • Research and Development: N10 billion
  2. Operating Expenditure: N900.2 billion (67% of total budget)
    • Personnel: N240 billion
    • Overheads: N150 billion
    • Fuel Subsidy: N150 billion
    • Other Operating Expenses: N360 billion
  3. Funding for Strategic Initiatives
    • Diversification of Revenue Streams: N50 billion
    • Development of Alternative Energy Sources: N20 billion
    • Improvement of Refining Capacity: N30 billion
    • Development of Gas Infrastructure: N20 billion
  4. Funding for Joint Ventures
    • NNPC's share of Joint Venture Cash Calls: N200 billion
    • Funding for Joint Venture Projects: N100 billion

Key Highlights

  1. The budget proposal aims to increase the corporation's revenue through the implementation of various initiatives, including the diversification of revenue streams and the development of alternative energy sources.
  2. The proposal also seeks to improve the corporation's refining capacity and develop gas infrastructure to reduce the country's reliance on imported petroleum products.
  3. The budget provides for the funding of joint venture projects and cash calls to ensure the continued growth of the oil and gas industry.
  4. The proposal also includes provisions for the payment of fuel subsidy and other operating expenses.

It's worth noting that the budget proposal was subject to review and approval by the National Assembly, and the final budget may have undergone changes before its passage.