The 2016 budget of the federal government of Nigeria has been presented to the joint session of the National Assembly. Below is the summary of the budget and highlights of the budget speech.
|2016 Budget (total spending)||6.08|
|Non oil revenue||1.45|
|Independent sources (+others)||1.59|
- The budget is predicated on 2.2m barrels of crude oil production per day at a benchmark rate of $38 per barrel and USD exchange rate of N197
- Total capital expenditure is N1.8 trillion which is 30% of the budget
- Key areas of focus include youth unemployment, social intervention for the vulnerable, diversification to build and reflate the economy, education, health, defense, infrastructure, farming and mining.
- Reduction in taxes for small businesses
- Employment of 500,000 new teachers
- Alignment of fiscal, monetary and investment policies
- Price of petrol pump price to remain at N87 "for now"
- Projected GDP growth rate of 4.37%
- Budget deficit will be financed through local and foreign loans
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