FG plans eight trillion naira budget for 2016
Written by Taiwo Adediran on November 11, 2015
The Federal Government is currently working on the 2016 budget that will be between seven trillion naira and eight trillion naira. The figures are higher than the 2015 budget of four-point-four trillion naira. disclosed this in a paper entitled: ‘The economy – Where we are today’, which he delivered at a presidential retreat organized for ministers-designate on Thursday.
Osinbajo told his audience that the budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year. While giving an overview of the current state of the nation’s economy, Osinbajo noted that Nigeria experienced its worst economic decline in decades in May 2015. He put the budget deficit in 2015 at one-point-zero-five trillion naira against the nine hundred and sixty billion naira recorded in 2014. He added that the foreign reserves had reduced from thirty-eight-point-four billion dollars in 2014 to thirty-point-two billion dollars this year. The vice president also put the nation’s Absolute Poverty Index at sixty-two-point-six per cent, while unemployment was at eigt-point-two per cent.