Friday, January 15, 2016

Nigeria's 2016 $30.8 Billion (6.08 trillion Naira) Budget

While I was searching online earlier, for a more comprehensive list of areas of the Nigerian economy that the Nigerian government would be spending her proposed 2016 $30.8 billion budget on, I found it on Dele Momodu's online newspaper website. The President of Nigeria presented the 2016 proposed budget before lawmakers to be approved, at a meeting on Tuesday December 22, 2015. It's been almost a month since the presentation. This budget was about 20% more than the preceding years. Areas that need dire attention include; the oil industry, agriculture, education, and so on. The previous administrations focused mainly on the oil industry. The unilateral focus has caused other sectors of the economy to suffer. Buhari's administration has proposed a more diversified approach to the economy. However, I am very concerned about the unbelievable devaluation of the Naira due to the fall in oil prices around the world. I'm very interested in seeing how the government fixes it. National security is also a very big issue in Nigeria. Our military needs to be better equipped to fight the insurgence of Boko Haram. My prayer is that this money does not end up in the personal bank accounts and businesses of our corrupt government. Here's an excerpt of the 2016 proposed budget copied from Thebossnewspapers.com

"I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of the National Assembly. I have come here today, not only to address members of the National Assembly, but also to speak directly to the men and women who placed us here.

2. I know the state of our economy is a source of concern for many. This has been further worsened by the unbridled corruption and security challenges we have faced in the last few years. From those who have lost their jobs, to those young people who have never had a job, to the people in the North East whose families and businesses were destroyed by insurgents, this has been a difficult period in our nation’s history, lessons that we must not forget or ignore, as we plan for the future.

Distinguished members of the National Assembly, I now present, the 2016 Budget proposals of the Federal Government. Based on the assumptions I presented earlier, we have proposed a budget of N6.08 trillion with a revenue projection of N3.86 trillion resulting in a deficit of N2.22 trillion."
If you want to read the detailed budget excerpt and presentation, visit Thebossnewspapers.com.