December 08, 2015 – President Muhammad Buhari has presented a total budget of N6 trillion to the National Assembly for the 2016 fiscal year.
Minister of National Planning and Budget, Senator Udo Udoma made the revelation after the Federal Executive Council(FEC) meeting on Monday in Abuja, Nigeria. He said government has proposed a budget of N6 trillion for 2016 and that only 30 percent of the total budget has been allocated to capital expenditure.
Udoma said the budget was based on a benchmark of $38 per barrel and that FEC approved and submitted the Medium Term Expenditure Framework ( MTEF), to the National Assembly.
‘’Today the Council approved the Medium Term Expenditure Framework, MTEF which sets out the policies of government over the next years. It sets out the fundamental economic underpinning of the budget.
“The highlights are as follows: we project and we are working with $38 crude oil price, we consider that to be very conservative but because of the uncertainty, we felt that we should start with a conservative crude oil price”, he told Statehouse correspondents.
