The controversial 2016 budget has been passed into law today, March 23, 2016 after a short deliberation on the floor of the Nigerian senate.
The budget was presented by President Muhammadu Buhari over three months ago.
The Senate debated the bill on January 20, 21, 26 and 27 respectively. The bill was read a second time on January 27, and consequently referred to the committee on appropriations for further legislative actions.
In preparing details of the bill, the committee adopted a benchmark price of 38 dollars per barrel on crude oil based on the Medium Term Expenditure framework (MTEF) and Fiscal Strategy Paper (FSP).
The executive proposals of crude oil production of 2.2 million barrels per day and an exchange rate of 197 naira to one dollar was adopted. After which the highlight of the bill as recommended by the committee was an aggregate expenditure of 6.06 trillion naira.
The 2016 Budget of N6,060,677,358,277 was reduced by N17,002,641,773.
See breakdown of the 2016 budget:
Statutory transfers: 351,370,000,000
Debt service: 1,475,320,000,00
Recurrent expenditure: 2,646,389,236,196
Capital expenditure: 1,587,598,122,031
Fiscal deficit: 2,204,936,925,711.16
Meanwhile, the Finance of Minister Kemi Adeosun, has announced that the Federal Government will pump about N350 billion into Nigeria’s ailing economy in the forthcoming months, as soon as the 2016 budget is passed by the National Assembly.