Breakdown Of Nigeria’s 2016 Budget

Nigeria’s President, Muhammadu Buhari, on Tuesday presented a 2016 budget proposal of 6.07 trillion Naira.

Nigeria’s 2016 Budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

GDP Growth Rate Projection	4.37%
Revenue Projection	3.86 Naira
Deficit	2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues	820 billion Naira
Non-oil Revenues	1.45 trillion Naira
Projected Independent Revenues	1.51 trillion Naira
Capital Expenditure	1.8 trillion Naira (30% of total budget)
Works, Power and Housing	433.4 billion Naira
Transport	202.0 billion Naira
Interior	53.1 billion Naira
Special Intervention Programs	300 billion Naira
Education	369.6 billion Naira
Defence	294.5 billion Naira
Health	221.7 billion Naira
Ministry of Interior	145.3 billion Naira
Foreign and Domestic Debt Service	1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans	113 billion Naira
Non-debt Recurrent Expenditure	2.65 trillion Naira

Note:

Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.

Comments

VIDEO: SAY GOODBYE TO PETROL & SWITCH YOUR GEN TO START RUNNING ON COOKING GAS

Video: Watch how to install DUAL FUEL CARBURETORS & start running your generators on cooking gas. 12.5kg of gas gives you up to 50hrs of electricity - that's about 10 days if you do 5hrs/day. Even at its current prices, gas is cheaper, safer, cleaner, greener and always available. Come see it in use before buying @ 20 Adeniran Ogunsanya Surulere Lagos or any of our branches. Free nationwide delivery or Installation available. Distributors and Installers wanted nationwide. Next edition of our Hybrid Carburetors Installation training comes up 10am this Saturday @ 20 Adeniran Ogunsanya Surulere Lagos. The need to train and accredited installed becomes necessary, as more and more Nigerians embrace the wonderful innovation. Installers currently earn N5,000 per installation and are in high demands across Nigeria Once installed Potech Carburetors allow your generator to run on cooking gas as well as petrol, depending on what's available to you. Gas is 3...

Ban’s visit: The International Community Supports Buhari – UN

Ms Amina Mohammed, the Special Adviser of UN Secretary-General Ban Ki-Moon on Post-2015 Development Planning, says the visit of the UN Scribe to Nigeria shows international approval of President Muhammadu Buhari. Mohammed told the News Agency of Nigeria (NAN) that Nigeria’s image at the international arena had improved greatly, following a violence-free election that ushered in Buhari. Mohammed, who is an Assistant Secretary-General, was on the entourage of the secretary-general, who arrived in Nigeria on Sunday on a two-day official visit. “The visit of UN Secretary-General Ban Ki-Moon shows international support for President Muhammadu Buhari. “Nigerians should hope for much more support and clarity around key issues that will bring the Secretary-General and the President together.” The UN official, who said she did not want to pre-empt the discussions of the UN Scribe, consequently, declined specific comments on the visit. She, however, said it portends positive devel...

Touching story: How I Survived Ebola ~ Dr Ada Igono

On the night of Sunday July 20, 2014, Patrick Sawyer was wheeled into the Emergency Room at First Consultants Medical Centre, Obalende, Lagos, with complaints of fever and body weakness. The male doctor on call admitted him as a case of malaria and took a full history. Knowing that Mr Sawyer had recently arrived from Liberia, the doctor asked if he had been in contact with an Ebola patient in the last couple of weeks, and Mr. Sawyer denied any such contact. He also denied attending any funeral ceremony recently. Blood samples were taken for full blood count, malaria parasites, liver function test and other baseline investigations. He was admitted into a private room and started on antimalarial drugs and analgesics. That night, the full blood count result came back as normal and not indicative of infection. The following day however, his condition worsened. He barely ate any of his meals. His liver function test result showed his liver enzymes were markedly elevated. We the...

Fully Reported

Search This Blog