Buhari administration has given indications of its determination to fix education and public infrastructure in Nigeria by allocating huge sums to those critical sectors in the 2016 budget.
President Muhammadu Buhari on Tuesday presented the 2016 budget proposal of N6.08trillion to the National Assembly.
Buhari disclosed that though the 2016 budget is designed to revive the country’s economy, it comes with a deficit of N2.22trillion and a revenue projection of N3.8trillion.
President Buhari stated that oil related revenues will contribute N820billion and non-oil revenue, comprising Company Income Tax (CIT), Value Added Tax, Customs and Excise duties and federation account levies, will contribute N1.45trillion.
Other break down of the budget includes: N369.6billion for Education, N294.5billion for Defence. N221billion for Health, N145.3billion for Interior while the sum of N433.4billion will be for Works, Housing and Power ministries.
While N1.36trillion is allocated for foreign and domestic debt service, capital expenditure will be 30%.
The borrowing will be channelled to fund the capital budget, the president said.
Mr President who revealed that the country is working to diversify the economy, assured that his government will not lose sight of the need to restructure the oil and gas sector that has been marred by corruption and plagued with inefficiencies.
His words: ”I’ve directed the Petroleum the Petroleum Products Pricing Regulatory Agency (PPPRA) to adjust its pricing template to reflect competitive and market driven components. This can lower input costs and attain efficiency savings that will enable PPPRA to keep the selling price for all marketers of petrol at N87 per litre for now”.
He apologised for the sufferings caused Nigerians by the lingering fuel scarcity saying all hands are on deck to ensure the situation abates as soon as possible.
Speaking earlier in a welcome remark, chairman of the national assembly and senate president Bukola Saraki told President Buhari to regard the 8th assembly as a partner in progress that is interested in realizing the change agenda of the APC government.
Also speaking Speaker, House of Representatives, Yakubu Dogara who delivered the vote of thanks called on the president not to be deterred in his anti corruption war, saying majority of Nigerians are solidly behind him.
The president arrived the national assembly at exactly 10am and proceeded to the chambers of the House of Representatives where proceedings immediately got underway.
The budget presentation ceremony was witnessed by members of the Federal Executive Council, national chairman of the APC, Mr. John Odigie-Oyegun, Governor Tanko Almakura of Nassarawa State, presidential aides and a host of others.