Acmes And Important Quotes Of The 2016 Budget

President Muhammadu Buhari has finally signed the 2016 Appropriation Bill into law  (See here). The N6.06 trillion 2016 budget was signed on Friday, thereby, ending weeks of incongruity with the National Assembly.

While briefing correspondents after the signing of the budget, the Minister of Budget and National Planning, Senator Udo Udoma, said it would be impossible to achieve its full implementation.

However, here are some highlights of the budget and quotes of Buhari during the signing of the 2016 budget into law that ought to give us a sense of hope.

Here are acmes of the budget as passed by the National Assembly:

Aggregate expenditure — N6, 060,677,358,227

Statutory transfers – N351, 370,000,000

Debt service – N1, 475,320,000,000

Recurrent expenditure – N2, 646,389,236,196

Capital expenditure – N1, 587,598,122,031

Fiscal deficit – N2, 204,936,925,711.16

Deficit/GDP – 2.14 per cent

The parameters proposed by Mr. Buhari were retained.

Oil price benchmark and crude oil production were left at US38 per barrel and 2.2000mbpd respectively.

Similarly, the exchange was left at N197/USD1.

Some important quotes of President Buhari

“This government is like no other. We are absolutely committed to changing the structure of the Nigerian economy once and for all” -PMB

“I can’t promise that it will be an easy journey, but can assure this govt you have freely elected will work with honesty & dedication” -PMB

“I commend the sacrifice, resilience, toughness of all Nigerians, who have continued to have hope and confidence of a great future” -PMB

“Living in the State House does not alienate me from your daily struggles. I hear your cries, I share your pains” -PMB