Buhari Signs N6.06trn 2016 Budget

PRESIDENT Muham­madu Buhari has finally signed the controversial 2016 budget into law. This is even as he has ad­mitted that Nigeria was experiencing the toughest economic times in the na­tion’s history, adding “We are absolutely committed to changing the structure of the Nigerian economy once and for all”

The N6.06 trillion bud­get pegged at $38 per barrel was slashed by N200 million from the N6.08 trillion submitted by President Buhari. The President’s assent finally brings to an end the con­troversy surrounding the budget.

The National Assembly had in April transmitted details of the budget to the president after passing the bill on March 23rd, but it was returned, citing omis­sions of important capital projects, budget padding among other allegations.

According to Buhari who said he’ll speak more on the budget on May 29th, the signing will trigger concerted efforts to reflate the Nigerian economy, “a key element of which is an immediate injection of N350 billion into the economy by way of capital projects”.

The President reiterated his administration’s com­mitment to infrastructural development by allocat­ing over N200 billion to road construction as against a paltry N18bn al­located for same purpose in the 2015 budget.
He assured that despite the present difficulties facing the nation, his gov­ernment will work extra hard to achieve revenue projections, adding that the revenue generating agencies are now coming under better management and are being re-oriented.

According to him, “The implementation of the Treasury Single Ac­count (TSA) is expected to contribute significantly to improving transpar­ency over government revenues. Our determined fight against corruption is resulting in improve­ments in the quality of public expenditure. The work of the Efficiency Unit, as well as other pub­lic financial management initiatives, are also con­tributing in this regard. The continuing efforts to reduce recurrent ex­penditures should hope­fully free up more funds for capital expenditure in 2017 and beyond”.

President Buhari re­iterated that he is not alienated from the daily struggles of Nigerians. “I read the newspapers and listen to the TV and radio news. I hear your cries. share your pains.


We are experiencing probably the toughest economic times in the history of our Na­tion. I want to commend the sacrifice, resilience and toughness of all Nige­rians young and old who have despite the hard­ships continued to have hope and confidence of a great future for Nigeri­ans. But permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all”.

The President assured that he and his team were working night and day to diversify the economy “such that we never again have to rely on one com­modity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of things we use. We intend to create the environment for our young people to be able to innovate and create jobs through technology.

“I cannot promise you that this will be an easy journey but in the interest of so much and so many we must tread this dif­ficult path. But I can as­sure you this government you have freely elected will work with honesty and dedication day and night to ensure that our country prospers and that the prosperity benefits all Nigerians. God bless the Federal Republic of Ni­geria”