Government agrees 6.0 trillion naira budget for 2016

Abuja - The government has agreed a 6.0 trillion naira budget
for the coming year, budget and national planning minister
Udoma Udo Udoma said on Monday.
"Next year, we are looking at an expansionist budget," he told
reporters after a cabinet meeting in the capital, Abuja.
"We are looking at a budget that will be 1.0 trillion naira more
than last year (2015). So, we are looking at a budget of about
6.0 trillion."
Udoma said 30 percent would go on capital expenditure - up
from 15 percent this year.
Nigeria's economy has been hit hard by falling global crude
prices, affecting government spending on much-needed
infrastructure projects, and even payment of state sector
salaries.
Also read: NASS to make public 2016 budget breakdown
President Muhammadu Buhari has complained the previous
administration left the country's treasury "virtually empty" and
has vowed to reclaim "mind-boggling" sums looted by corrupt
officials.
The head of state has begun an overhaul of the state-run oil
company and forced government departments and agencies to
deposit revenues in a single treasury account for better
monitoring and transparency.
On oil, Udoma said the government was assuming a
conservative price per barrel of $38 and production of 2.2
million barrels per day.
But he also said boosting non-oil revenues was key as well as
cutting recurrent expenditure and making tax revenue
collection more efficient.
Last week, finance minister Kemi Adeosun launched a new
Efficiency Unit, designed to cut government waste as a first
step towards reducing overheads.
- AFP