Nigeria's President, Muhammadu Buhari, on Tuesday introduced a 2016 spending plan proposition of 6.07 trillion Naira.
Nigeria's 2016 Budget depends on an unrefined petroleum benchmark cost of $38 per barrel and a creation assessment of 2.2 million barrels for every day for 2016.
Gross domestic product Growth Rate Projection 4.37%
Income Projection 3.86 Naira
Shortfall 2.22 trillion Naira (equal to 2.16% of Nigeria's GDP)
Oil Related Revenues 820 billion Naira
Non-oil Revenues 1.45 trillion Naira
Anticipated Independent Revenues 1.51 trillion Naira
Capital Expenditure 1.8 trillion Naira (30% of aggregate spending plan)
Works, Power and Housing 433.4 billion Naira
Transport 202.0 billion Naira
Inside 53.1 billion Naira
Exceptional Intervention Programs 300 billion Naira
Instruction 369.6 billion Naira
Protection 294.5 billion Naira
Wellbeing 221.7 billion Naira
Service of Interior 145.3 billion Naira
Remote and Domestic Debt Service 1.36 trillion Naira
Sinking Fund towards the retirement of developing advances 113 billion Naira
Non-obligation Recurrent Expenditure 2.65 trillion Naira
Note:
Shortage will be financed by a mix of local acquiring of N984 billion, and remote obtaining of N900 billion totalling N1.84 trillion.
There is a proposed a 9% decrease in non-obligation repetitive use, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.
The planned N300 billion for Special Intervention Programs, takes the aggregate sum for non-obligation repetitive consumption to N2.65 trillion.
The Efficiency Unit set up by the present Administration, together with successful execution of GIFMIS and IPPIS, will drive a decrease of overheads by no less than 7%, faculty costs by 8% and other administration wide votes by 19%.
Source: ChannelsTV
