President Muhammadu Buhari on Tuesday presented the 2016 budget proposal of N6.08trillion to the National Assembly... Nigeria’s 2016 Budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.
| GDP Growth Rate Projection | 4.37% |
| Revenue Projection | 3.86 Naira |
| Deficit | 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP) |
| Oil Related Revenues | 820 billion Naira |
| Non-oil Revenues | 1.45 trillion Naira |
| Projected Independent Revenues | 1.51 trillion Naira |
| Capital Expenditure | 1.8 trillion Naira (30% of total budget) |
| Works, Power and Housing | 433.4 billion Naira |
| Transport | 202.0 billion Naira |
| Interior | 53.1 billion Naira |
| Special Intervention Programs | 300 billion Naira |
| Education | 369.6 billion Naira |
| Defence | 294.5 billion Naira |
| Health | 221.7 billion Naira |
| Ministry of Interior | 145.3 billion Naira |
| Foreign and Domestic Debt Service | 1.36 trillion Naira |
| Sinking Fund towards the retirement of maturing loans | 113 billion Naira |
| Non-debt Recurrent Expenditure | 2.65 trillion Naira |
Note:
Deficit will be financed by a combination of domestic borrowing of
N984 billion, and foreign borrowing of N900 billion totalling N1.84
trillion.
There is a proposed a 9% reduction in non-debt recurrent expenditure,
from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.
The budgeted N300 billion for Special Intervention Programs, takes
the total amount for non-debt recurrent expenditure to N2.65 trillion.
The Efficiency Unit
set up by the current Administration, together with effective
implementation of GIFMIS and IPPIS, will drive a reduction of overheads
by at least 7%, personnel costs by 8% and other service wide votes by
19%.
