After months of hesitation, Nigeria's National Assembly on Wednesday, March 23, passed the 2016 budget, with a total allocation of =N=6.06 trillion, a reduction on the 6.08 trillion proposed by President Muhammadu Buhari.
The passage however awaits President Buhari’s nod before it can be passed as an Act and be operational.
The budget highlight 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
The parameters proposed by President Buhari retained.
Oil price benchmark and crude oil production reportedly left at US38 per barrel and 2.2000mbpd respectively.
Exchange left at N197/USD1.
The assumptions according to the report, were adopted in line with recommendations of the Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP.
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