President Muhammadu Buhari today signed the 2016 budget. The signing was
done in the presence of the Vice President, Professor Yemi Osinbajo, and the
chairmen of the National Assembly appropriation committees who had arrived the
Presidency for the signing ceremony.
Today’s event comes after the National Assembly submitted a clean copy of
the budget to the President.
The National Assembly had in April transmitted details of the budget to
the president after it had passed the bill on March 23, but the President
returned the document back, citing omission of certain capital projects. This
was worked on and sent back, but again the Presidency refused to sign.
Meanwhile, the government announced yesterday it had mapped out 34
strategic priority programmes and projects it intended to achieve with the 2016
budget.
These include a capital spend minimum of 30% annually, an appropriate and
predictable exchange regime by the end of 2016, increased low interest lending
rate of 9%, self-sufficiency in tomato paste in 2016 and rice production by
2018.
It also plans to increase local production of maize, soya beans, poultry
and livestock and to stop import.
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