Details of #Budget2016 by the Ministry of Budget and National Planning

The Budget Overview event kicks off. Ministers of Budget, Defence, Water Resources, Finance, Niger Delta are all present.


The FG will spend, not just for today, but for tomorrow: Emphasis on infrastructure & social investment #Budget2016 This is the first full-year budget of this administration. It was signed into law on May 6, 2016 says Minister Udoma.

Drastic fall in oil price: $114/Jun2014 - $38/Dec2015 -General weakening of economic growth in developing market economies #BudgetNG2016 . Primary goal of the 2016 budget is to reflate and reposition the economy for Change.



#BudgetNG2016 Assumptions: 2.2m bpd oil production $38 oil price

N197/$ Real GDP Growth Rate: 4.37%. 

1 hour ago

Minister Udoma: We're relying much more on non-oil revenues to fund this budget #BudgetNG2016

2016 Revenue Targets— Company Income Tax: N1.88 trillion VAT: N1.48 trillion (rate staying at 5%) #BudgetNG2016

Capital Expenditure in #BudgetNG2016 = N1.75 Trillion = 29% of total budget (2015 Cap Exp = less than N400bn = 11% of budget)

Plans underway to launch an Infrastructure Fund that will raise up to $25bn over next 3 years #BudgetNG2016

Highlights of Major Projects in #BudgetNG2016: Over 40 projects spread across all 6 geopolitical zones.

#BudgetNG2016 includes
-N13 billion counterpart funding for 2nd Niger Bridge
-40bn for Lagos-Ibadan Exp
-N5bn for Apapa-Oshodi-Oworonsoki Exp

Railway: 8.5bn—Itakpe-Ajaokuta-Warri , 18.3bn—Abuja-Kaduna, 60bn counterpart funding (CF)for Lagos-Kano, 60bn CF for Calabar-Lagos #BudgetNG2016

#BudgetNG2016 includes N35.6bn for PILOT scheme of 7,068 housing units in 6 geopolitical zones and FCT.
To ensure effective implementation of #BudgetNG2016, FG has launched a 6-pronged Strategic Implementation Plan (SIP)

Minister Udoma says Plenty of opportunity in 2016 budget for private sector. The private sector must be & remain primary engine of Nigerian economy.

The 2016 Budget has an outlay of N6.06 trillion . The N6.06 trillion 2016 Budget represents an increase of 35% over the 2015 Budget provision of N5.067 trillion. Government will actively support the use of public private partnerships in the development of Infrastructure- Udo Udoma #BudgetNG2016 - Sen. Udo Udoma. 

Also, we are encouraging our Ministers to explore concessioning arrangements for airports and other infrastructure projects .

Minister of State Budget Zainab Ahmed takes the stage to talk about the N500bn Social Investment Programme in #BudgetNG2016:

2016 Social Invest. Prog: 

-Job Creation -School Feeding 

-Conditional Cash Transfers 

-Enterprise & Empowerment (microcredit) 

-STEM Bursaries

Sen Udo Udoma still on #BudgetNG2016 says "we are absolutely committed to changing the structure of the Nigerian economy, once and for all'