The federal government of Nigeria on Monday, December 7, 2015 proposed 2016 budget of six trillion naira (N6 trillion) at an oil bench mark of $38 per barrel. After an emergency Federal Executive Council meeting which was presided over by President Buhari, the Nigeria minister of Budget and National Planning, Mr Udoma Udo Udoma stated while briefing the State House Press Corps that the N6 trillion 2016 budget proposal was contained in the Medium Term Expenditure Framework (MTEF) approved by the Federal Executive Council. He also said that the federal government of Nigeria will be working with 38 dollars crude oil price and daily production of 2.2 million barrels. Next year’s (2016) budget will be N1 trillion more than last year which was about N5 trillion including the supplementary and the increase will be spent on capital expenditures according to the minister.
Mr Udoma Udo Udoma also said that the 2016 budget would be funded mainly from non-oil sector earnings.
Source: Viewers Corner News.