President Muhammadu Buhari of Nigeria has presented 2016 budget to the joint session of the National Assembly today Tues. 22nd Dec. 2016 in Abuja.
During the presentation, Buhari titled the budget “ Budget of Change” which he said has been made to reflect the true state of the nation’s current economic challenges and realities on ground.
The President who declared that the country over the years have lived under corrupt previous administrations who never considered the plights of the masses insisted that the immediate past administration mismanaged the country’s resources which has directly affected the economy right now.
Mr. President emphasized that 2014 budget was based on oil benchmark estimate of $112 while his budget for 2016 is based on benchmark predication of $38 per barrel and N197 exchange rate, an indication that the economy hasn’t fared well since the beginning of the fall of oil prizes in the international market.
Buhari maintained that petrol pump price remains N87 per litre for now and reiterated that Government is currently working hard to eradicate fuel scarcity bedeviling the country and bringing untold hardship on Nigerians.
The total budget estimate presented by President Buhari is N6.08 trillion Naira for 2016.
Some of the target areas of President Buhari’s 2016 budget are:
- reviving the economy, deliver inclusive growth and create jobs.
- ensure macroeconomic stability by pursuing realistic GDP growth rate of 4.37% and control inflation.
- address the issue of shortage of teachers in public schools by partnering with States and Local governments to recruit, train and deploy 500,000 unemployed and NCE holders and graduates. They will be deployed to primary schools.
- empower market women, traders and artisans through cooperatives societies
- allowances for the poorest Nigerians
- basic school children feeding
- free education for science, technology and education students in tertiary education level
- invest to safeguard human lives and property
- invest to equip farmers with the right tools, technology and techniques
- invest in empowering and enabling miners to operate in a safe, secure and humane environment
Some key government ministries providing services in critical areas of need to the country will be funded as follows:
N369.6 billion in Education;
N294.5 billion in Defence;
N221.7 billion in Health
N145.3 billion in the Ministry of Interior.
Buhari however called on all and sundry to join hands with his government to rebuild the economy, create jobs, fight the insurgents and recover the looted national resources which he said belong to the Nigerian people as a whole and not to a few