Key Points From The 2016 Budget President Buhari Presented Today

President Mohammed Buhari presented the 2016 budget to the Senate today. Here are key things on the budget you should know:

The budget in summary

Proposal: N6.08 trillion

Revenue: N3.86 trillion

Deficit: N2.22 trillon (2.16% of GDP)

Debt profile now 14% of GDP

The increased capital expenditure will be committing significant resources to critical sectors such as:

Works, Power and Housing – N433.4 billion

Transport – N202.0 billion

Special Intervention Programs – N200.0 billion

Defence – N134.6 billion

Interior – N53.1 billion.

Recurrent expenditure to institutions that provide critical government services. We will spend:

N369.6 billion in Education

N294.5 billion in Defence

N221.7 billion in Health

N145.3 billion in the Ministry of Interior.

Furthermore, the sum of N113 billion will be set aside for a Sinking Fund towards the retirement of maturing loans; while N1.36 trillion has been provided for foreign and domestic debt service.

There has also been a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

Updates to come later

The post Key Points From The 2016 Budget President Buhari Presented Today appeared first on KokoFeed - Nigerian News For The Young Generation.

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