MUST READ: Federal government presents details of N6.06 trillion 2016 budget
The details of the N6.06 trillion 2016 budget was presented on Thursday, May 12, by the minister of budget and national planning, Udoma Udo Udoma, and the minister of state, Mrs Zainab Ahmed, at the Banquet Hall of the Presidential Villa, Abuja.
President Buhari signing the 2016 budget into law
The minister of budget said the key objectives of 2016 Budget include ensuring a stable macroeconomic environment for real sector development and policy actions that will facilitate accelerated growth and sustainable development of the country.
He also said the 2016 Budget was guided by the 2016-2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy paper.
The Ministers of Agric, Defence, Labour and Productivity, Solid Minerals, Finance, Water Resources, Niger Delta were all in attendance at the presentation.
READ ALSO: FG promises 100% implementation of 2016 budget
Udoma shared the breakdown of the 2016 budget on the ministries twitter handle.
Read the details below:
#BudgetNG2016: The 2016 Budget is anchored on six pillars namely Economic Reforms, Infrastructure, Social Development- Sen. Udo Udoma (1)
— National Planning NG (@PlanningNG) May 12, 2016
This is the first full-year budget of this administration. It was signed into law on May 6, 2016 ~ Min Udoma #BudgetNG2016
— Aso Rock (@AsoRock) May 12, 2016
2015:
Drastic fall in oil price: $114/Jun2014 – $38/Dec2015
-General weakening of econ growth in developing market economies#BudgetNG2016— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: Primary goal of the 2016 budget is to reflate and reposition the economy for Change #BudgetNG2016
— Aso Rock (@AsoRock) May 12, 2016
#BudgetNG2016 Assumptions:
2.2m bpd oil production
$38 oil price
N197/$
Real GDP Growth Rate: 4.37%— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: We’re relying much more on non-oil revenues to fund this budget #BudgetNG2016
— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: 2016 Revenue Targets—
Company Income Tax: N1.88 trillion
VAT: N1.48 trillion (rate staying at 5%)#BudgetNG2016— Aso Rock (@AsoRock) May 12, 2016
Min Udoma: Capital Expenditure in #BudgetNG2016 = N1.75 Trillion = 29% of total budget
(2015 Cap Exp = less than N400bn = 11% of budget)
— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: Plans underway to launch an Infrastructure Fund that will raise up to $25bn over next 3 years #BudgetNG2016
— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: Highlights of Major Projects in #BudgetNG2016:
Over 40 projects spread across all 6 geopolitical zones
— Aso Rock (@AsoRock) May 12, 2016
#BudgetNG2016 includes
-N13 billion counterpart funding for 2nd NigerBridge
-40bn for Lagos-Ibadan Exp
-N5bn for Apapa-Oshodi-Oworonsoki Exp— Aso Rock (@AsoRock) May 12, 2016
Railway:
8.5bn—Itakpe-Ajaokuta-Warri
18.3bn—Abuja-Kaduna
60bn counterpart funding (CF)for Lagos-Kano
60bn CF for Calabar-Lagos#BudgetNG2016— Aso Rock (@AsoRock) May 12, 2016
Minister Udoma: #BudgetNG2016 includes N35.6bn for PILOT scheme of 7,068 housing units in 6 geopolitical zones and FCT
— Aso Rock (@AsoRock) May 12, 2016
To ensure effective implementation of #BudgetNG2016, FG has launched a 6-pronged Strategic Implementation Plan (SIP) pic.twitter.com/UKSDw01kud
— Aso Rock (@AsoRock) May 12, 2016
Min Udoma: Plenty of opportunity in 2016 budget for private sector. The private sector must be & remain primary engine of Nigerian economy
— Aso Rock (@AsoRock) May 12, 2016
The 2016 Budget has an outlay of N6.06 trillion – Sen. Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
States and LGs share of distributable pool amount to N3.24 trillion, while Federal Govt. will receive N2.48 trillion -Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
The N6.06 trillion 2016 Budget represents an increase of 35% over the 2015 Budget provision of N5.067 trillion – Sen.Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
Government will actively support the use of public private partnerships in the development of Infrastructure- Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
We are encouraging our Ministers to explore concessioning arrangements for airports and other infrastructure projects – Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
N35.6b has been set aside for construction of 1,973 blocks of 7,068 Housing Units in the six geopolitical Zones and FCT- Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
In the 2016 budget are several initiatives aimed at improving standards and access to education nationwide – Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
… these includes 1. N342.1 million Secondary Schools quality assurance programme across the 6 geo-political zones – Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
2. N817.1 million for statutory visitation and monitoring of 90 Federal tertiary institutions – Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
3. N2.1 billion for servicing ongoing and new local and foreign scholarships – Sen. Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
READ ALSO: President Muhammadu Buhari’s 2016 budget of change
As President Buhari, GCFR, said when he signed the 2016 budget into law ‘… this government is … like none other- Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
We are absolutely committed to changing the structure of the Nigerian economy, once and for all’ – Sen Udo Udoma #BudgetNG2016
— National Planning NG (@PlanningNG) May 12, 2016
Minister Udoma: We aim to get the budget back to the January-December cycle, for better implementation #BudgetNG2016
— Aso Rock (@AsoRock) May 12, 2016
The 2016 budget was signed into law at exactly 12:32pm by President Muhammadu Buhari inside his office at the Presidential Villa, Abuja on Friday, May 6.
The budget has been steeped in controversy after several reports revealed inflated allocation of funds and multibillion naira phoney subheads smuggled into the budget.
Buhari had accused some bureaucrats of removing what we put in the proposal and replacing it with what they wanted, vowing that all those involved in the padding of the budget will face the most severe punishment.
The post MUST READ: Federal government presents details of N6.06 trillion 2016 budget appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM (Nigerian newspapers).