At last, Buhari signs 2016 budget

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After weeks of horse-trading between the presidency and the national assembly, President Muhammadu Buhari has signed the 2016 budget into law.

In April, the national assembly transmitted details of the budget to the president after it had passed the bill on March 23.

But the president returned the document to the national assembly on the grounds that there were “grey areas” in it that needed to be sorted out.

The legislature then constituted a 10-man committee to smooth out the contours.

After a few weeks of legislative treatment, the final copy of the document was transmitted to the president on Thursday.

And, on Friday, he signed it into law.

In December, the budget proposal presented to a joint session of the national assembly by Buhari was N6.07trn. A total of N351bn was for statutory transfers, N2.8trn for recurrent expenditure and N1. 8trn for capital expenditure.

The legislature, based on the recommendation of its committees on appropriation, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.

It, however, reduced the total budget sum from N6.07trn to N6.06trn: N351bn for statutory transfers, N1.4trn for debt service, N2.6trn for recurrent expenditure, and N1.5trn as capital expenditure.

Lekan Okeowo
Lekan Okeowo
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

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