President
Muhammad Buhari has presented a N6.08 trillion budget for the fiscal year 2016. Mr.
Buhari presented the budget Tuesday morning before a joint session of the
National Assembly.
In
the budget, capital expenditure takes N1.8 trillion, marking a significant over
300 per cent increment from the 2015 vote of N557 billion.
According
to the estimate, N396billion is voted for education, being the largest sectoral
allocation.
The
health sector gets N296 billion while defence has N294 billion.
This
is the first in three years a Nigerian President would personally present a
budget before the National Assembly.
That
approach by Mr. Buhari earned him commendation by the Speaker of the House of
Representatives, Yakubu Dogara, who joked that he had expected the President to
tweet or email the budget details.
The
last two budgets were presented on behalf of then President Goodluck Jonathan
by the then Minister of Finance, Ngozi Okonjo-Iweala.
In
his speech, Mr. Buhari said he was aware Nigerians were losing confidence in
the government.
“But
I promise the 2016 budget would address the problems,” the President said. “We
are here to serve Nigeria and indeed Nigerians will get the services they have
longed for.”
According
to Mr. Buhari, the budget would ensure reduction in taxes for small businesses.
While
reiterating his commitment to economic diversification, he said farming and
mining would be given special focus.
He
also promised that 500,000 new teachers would be recruited.
He
assured that the Nigerian economy would cease to be oil dependent and would
instead be characterised by inclusive growth.
“We
must deliver security, jobs and infrastructures,” Mr. Buhari said.
On
the hardship been faced by Nigerians as a result of fuel scarcity, the
President apologised for the situation, admitting he was aware the scarcity had
caused social dislocation across the country
He
blamed the scarcity on speculators and those “resisting change” and assured
Nigerians government was working hard to cushion the difficulty.
The
President said has directed the Petroleum Product Pricing Regulatory Authority
to continue the sell of petrol at N87 per litre for now.
-Premium Times
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