Buhari budgets N200billion for roads, as he finally signs the 2016 budget

President Buhari signing the 2016 budget

President Buhari signing the 2016 budget

President Muhammadu Buhari has disclosed his administration is prioritizing the repair and construction of roads within the country as he finally signed the long-delayed 2016 National Budget into law.

“To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200 billion to road construction as against a paltry N18 billion allocated for same purpose in the 2015 budget,” President Buhari was speaking on Friday before signing the 2016 National Budget into law.

The president also said his administration earmarked N350 billion for capital construction projects, with the hope that figure will help stimulate the country’s ailing economy.

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“The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of N350bn into the economy by way of capital projects,” he said.

President Buhari thanked all those who worked to make the budget a reality, including leaders of the National Assembly.

The N6.06 trillion 2016 budget signed on Friday, here are budget key points below;

Aggregate expenditure — N6, 060,677,358,227
Statutory transfers – N351, 370,000,000
Debt service – N1, 475,320,000,000
Recurrent expenditure – N2, 646,389,236,196
Capital expenditure – N1, 587,598,122,031
Fiscal deficit – N2, 204,936,925,711.16
Deficit/GDP – 2.14 per cent

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The parameters proposed by Mr. Buhari were retained.

Oil price benchmark and crude oil production were left at US38 per barrel and 2.2000mbpd respectively.

Similarly, the exchange was left at N197/USD1.
Tagged “Budget of Change”, Mr. Buhari presented the 2016 Appropriation Bill to joint session of the National Assembly last December, proposing N6.08 trillion as aggregate expenditure, before it was reduced by the lawmakers to N6.06 trillion.

Excerpts from Premium Times

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