Summary Of Nigeria's 2016 Budget

President Muhammadu Buhari on Tuesday, December 22, presented a 2016 budget proposal of 6.07 trillion naira.

Nigeria’s 2016 budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

Check out a short summary of Nigeria's national budget for 2016:

GDP Growth Rate Projection: 4.37%

Revenue Projection: 3.86 trillion Naira

Deficit: 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)

Oil Related Revenues: 820 billion Naira

Non-oil Revenues: 1.45 trillion Naira

Projected Independent Revenues: 1.51 trillion Naira

Capital Expenditure: 1.8 trillion Naira (30% of total budget)

Works, Power and Housing: 433.4 billion Naira

Transport: 202.0 billion Naira

Interior: 53.1 billion Naira

Special Intervention Programs: 300 billion Naira

Education: 369.6 billion Naira

Defence: 294.5 billion Naira

Health: 221.7 billion Naira

Ministry of Interior: 145.3 billion Naira

Foreign and Domestic Debt Service: 1.36 trillion Naira

Sinking Fund towards the retirement of maturing loans: 113 billion Naira

Non-debt Recurrent Expenditure: 2.65 trillion Naira

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The deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion, in total N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.

Source: Legit.ng