The Nigerian President, Muhammadu Buhari says the recently signed budget will trigger efforts aimed at boosting the Nigerian economy.
The president who expressed happiness that finally, he had assented the appropriation into law added that “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”.
He said the budget was intended to signpost a renewal of his government’s commitment to restoring the budget as a serious article of faith with the Nigerian people.
This budget many times was sent to the president to sign and many times, he returned to the National Assembly due to irregularities he observed and soon after signing it, he promised that “henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year”.
The next line of action is for the Minister of Budget and National Planning, Senator Udoma Udo Udoma to formally give a breakdown of the budget to Nigerians.
The task before the minister, according to the president, is to ensure that “further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning”, the president said.
President Buhari also hinted that he would be speaking about the budget in a planned nationwide address on May 29th, the date he was sworn in.
The stand of government is that “budget 2016 will be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures”, the president explained.
President Buhari said his government’s determined fight against corruption was resulting in improvements in the quality of public expenditure
The President made a passionate appeal to Nigerians “As I said in my New Year message, living in State House does not in any way alienate me from your daily struggles. I read the newspapers and listen to the TV and radio news. I hear your cries. I share your pains”.
He said Nigeria was experiencing probably the toughest economic times in the history of the Nation and called on the citizens to have hope on the nation
He assured Nigerians that there is hope at the end of the tunnel “We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, and produce most of the things we use. We intend to create the environment for our young peoples to be able to innovate and create jobs through technology”.
The recently signed budget is put at N6.06 Trillion.