Buhari presents 2016 budget to National Assembly, says petrol price remains N87
Adetokunbo Fakeye
Nigeria President, Muhammadu Buhari on Tuesday unlike his predecessors personally presented the 2016 national budget before a joint session of the National Assembly.
Mr President while presenting the N6.07 trillion budget proposal said it would focus on addressing youth unemployment and cater for the vulnerable.
He stated that there would be changes in the way government conducts its business as all MDAs would be required to prepare and present their annual budgets on time.
President Buhari said, “We will align fiscal, monetary and investment policies”.
He also announced that petrol pump price would stay at 87 naira per litre “for now” as the government continues working hard to end scarcity.
According to him, the budget proposal was predicated on $38 per barrel oil benchmark; 197 Naira exchange rate.
Adding, it is an increase of about 40 per cent from the previous budget of 4.357 trillion Naira which was presented to the National Assembly in 2014 by ex-president, Goodluck Jonathan’s administration.
The budget presentation by President Buhari is coming just as the National Assembly approved the Medium Term Expenditure Framework (MTEF). The Federal Executive Council (FEC) had on December 7 approved the Medium Term Expenditure Framework which pegs the 2016 Budget at six trillion Naira.
President Buhari became the first Nigerian President to personally carry out this task in recent years and this was acknowledged by the Senate President, Dr Bukola Saraki, in his opening speech who alos promised that the National Assembly is ready to swiftly pass 2016 Budget to quickly reflate the economy.
