2016 budget: Buhari to borrow N2.2trn
Nigeria’s President Mohammadu Buhari, Tuesday morning, presented the 2016 budget to a joint session of the National Assembly.
Buhari’s government plans to spend a total of N6.08 trillion in the coming year, 30 per cent of which, according to the president, would be expended on capital projects.
At N1.8bn, the government is allocating more that twice the amount allocated to capital expenditures in 2015.
Conversely, projected revenue for the said year stands at N3.86 trillion leaving a deficit of N2.22 trillion.
Buhari also took the occasion to assure Nigerians of his administration’s commitment to improving the economy.
“The confidence of many might be shaken, but I stand before you today promising we’ll secure our country, and rebuild our economy,” he said.
It was the first time in a few years that a Nigerian President has personally performed the constitutional task..
