Buhari presents N6.08 trillion budget proposal for 2016

President Muhammadu Buhari on Monday apologized to Nigerians for the queues that have refused to disappear from filling stations across the country, ascribing the lingering fuel scarcity to the handiwork of rent seekers, which he said his administration is working hard to check.

President Muhammadu Buhari on Tuesday presented a budget of N6.08 trillion for the 2016 fiscal year to the joint session of the National Assembly.

The Federal Executive Council (FEC) had earlier pegged crude oil price at $38 per barrel with a proposal of N6trillion for the 2016 budget.

The President said they also intend to partner with state and local governments to provide financial training and loans to market women, traders and artisans, through their cooperative societies. Inflation is also rising, hitting 9.4% in September, on fuel shortages and higher food prices. He said his government has the will, resources and commitment to deliver to the Nigerian people.

Buhari said no fewer than 500,000 teachers would be recruited.

Mr Buhari said: “This huge decline is having a painful effect on our economy”.

“The projected revenue was N3.45 trillion, with an outlay of N4.49 trillion, implying a deficit of N1.04 trillion”.

While congratulating the minister on behalf of United Nations on his appointment, he noted the landmark achievements resulting from the free, fair and credible elections that were recently conducted in Nigeria, which he said had brought progress to Africa’s nascent democracy.

LEADERSHIP recalls that the National Assembly last week passed the Medium Term Expenditure Framework ( MTEF) which is a prelude to the budget.

The National Assembly says it is ready to swiftly pass 2016 Budget to quickly reflate the economy.

Nigeria’s unemployment rate is growing, up from 8.2% in the second quarter to 9.9% between July and September according to official figures.

A global oversupply has dramatically driven down the price of oil, with suppliers failing to reach agreements to address the glut.