Buhari To Present 2016 Budget To National Assembly Members on Tuesday Next Week


Barring any last minute change of mind, President Muhammadu Buhari will next Tuesday present N6.07 trillion budget proposal to the National Assembly.
Pres-Buhari
The planned presentation has compelled the senate to shift its earlier plan to proceed on Christmas break from tomorrow to next Tuesday.

This decision was arrived at a one-hour closed door session yesterday before the commencement of plenary after an earlier consideration of Friday as a suitable date for the presentation.
THISDAY learnt that most senators had initially preferred Friday for the presentation to enable them commence their Christmas break this week.
But Tuesday was later considered to be more suitable because the Joint National Assembly Committee on Finance, Appropriation and National Assembly is yet to conclude legislation on the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Policy (FSP).
The N6 trillion budget proposal for 2016 budget is predicated on  $38 per barrel oil benchmark; N197 exchange rate and 2.200 oil benchmark.
The N6 trillion expenditure proposal is the highest in the history of the country’s fiscal plans.
It was N4.07 trillion in 2010; N4.22 trillion in 2011; N4.74 trillion in 2012; N4.92 trillion in 2013; N4.6 trillion in 2014 and N5.06 trillion in the current year including the N574.5 billion recently approved supplementary budget.
Ironically, $38 per barrel benchmark is the lowest in recent times. In 2011, it was $62 per barrel; $67 in 2012; $79 in 2013; $76 in 2014 and $53 per barrel in the current year.