Nigeria's N6.08tr ($30.521 billion) Budget For 2016

Budget 2016 (FACTS & FIGURES)

• Buhari apologises for fuel scarcity •Cash transfer for poor Nigerians
• Oil benchmark is $38 per barrel •Petrol price N87 ‘for now’
• Total budget – N6.08 tr •No provision for fuel subsidy
• Capital budget is N1.8tr •To restructure oil and gas sector
• Revenue projection – N3.86 tr •Meals for primary school pupils
• Deficit – N2.22 tr •Free Education for Science/Tech students

SECTORAL ALLOCATIONS

• Health – N221.7b •Transport – N202.0b
• Defence – N134.6b •Interior – N53.1b
• Works, Power and Housing – N433.4b
• Special Intervention Programmes – N200b
• Labour/Employment –N500b
• Education- N369.6b

The employment of 500,000 people as teachers is the highlight of the N6.08 trillion budget estimates for next year presented yesterday to the National Assembly by President Muhammadu Buhari.

He said “We are here to serve. And, indeed, Nigerians will get the service they have longed for and which they rightly deserve.

“We as a government cannot do it alone. We will require the support of all civil servants, the organised labour, industry groups, the press , of course, our religious and traditional institutions. This is a call for all of us to stand and serve our country.

“This Budget represents a major step in delivering a new opportunity for Nigeria. It demonstrates our confident optimism that despite the challenging times, we have the will, resourcefulness and commitment to deliver prosperity to our people. And by the Grace of Almighty God and the sheer will and determination of the Nigerian people, we will come out stronger and more united than ever.”