National Assembly passes 2016 Budget
Written by Morenike Adebayo on March 24, 2016
The National Assembly has passed the 2016 budget of six-point-zero-six trillion Naira, seventeen billion Naira lower than the figure of six-point-zero-seven trillion Naira presented by President Muhammadu Buhari to the National Assembly in December.
Addressing reporters after the passage of the budget, the chairmen of Appropriation Committees in the Senate and the House of Representatives said that for the first time, the National Assembly had reduced the size of the aggregate expenditure, consequently reducing the total recurrent expenditure, deficit and borrowing plan. In its report, the Committee set recurrent expenditure at two-point-six trillion Naira, capital expenditure at one-point-five trillion Naira and fiscal deficit at two-point-two trillion Naira.