Budget Finally Signed- Highlights of The Budget of ‘Change’ as Signed by President Buhari
President Muhammadu Buhari on the 6th of May signed the 2016 Appropriation Bill into law. The President signed the delayed 2016 budget at the Presidential Villa with Vice President Yemi Osinbajo, President of the Senate, Senator Bukola Saraki, Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara and Finance Minister, Kemi Adeosun among others as witnesses.
The record 6.06 trillion budget is expected to stimulate the nation’s slowing economy which took a hit as the price of crude oil, Nigeria’s main export, collapsed in the global market.
Other witnesses to the budget signing ceremony were the Minister of Budget and National Planning, Udoma Udo Udoma; Minister of Finance, Kemi Adeosun; Minister of State for Budget and National Planning, Zainab Ahmed; Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang; Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo; National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun; Chairman Senate Committee on Appropriation, Danjuma Goje and Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.
Speaking after signing the budget into law the President said that N350billion will immediately be injected into the economy by way of capital projects. The President also said that N200billion was earmarked for roads infrastructure.
In his remark after the signing ceremony the President said “It gives me great pleasure today to sign the first full-year budget of this administration into law. I thank the leadership of the National Assembly, in particular, the Senate President and the Speaker of the House of Representatives, and indeed all members of the National Assembly for their cooperation in making this a reality.”
“Through the 2016 budget, aptly titled “Budget of Change”, the government seeks to fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06 trillion. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honorable Minister of Budget and National Planning.”
“I shall be speaking in more details about the Budget, its implementation and the over-all national economic and social policies of the Government in my address on May 29th, God willing. In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports. This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.”
“The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of N350bn into the economy by way of capital projects. To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200bn to road construction as against a paltry N18bn allocated for same purpose in the 2015 budget.”
