FG Proposes N6 Trillion Budget for 2016, Sets U.S.$38 a Barrel Oil Benchmark
Posted on :Thursday , 10th December 2015
The Federal Government has proposed a budget estimate of N6 trillion for 2016 with $38 per barrel crude oil price benchmark.
This was the outcome of a three-hour emergency meeting of the Federal Executive Council (FEC) chaired by President Muhammadu Buhari today.
Addressing State House correspondents after the meeting, Budget and National Planning Minister Udoma Udo Udoma, said the government was looking at "expansionist" budget of N6 trillion.
Udoma said the council also approved the Medium Term Expenditure Framework for the 2016 budget.
According to the minister, this sets up the policies of government over the next three years.
He said that 30 percent of the budget estimate would go into capital projects with a view to addressing the nation's infrastructure deficit.
He said the government hoped to fund the budget by increasing non-oil revenue and from funds generated by government agencies, especially the Federal Inland Revenue Service.
The minister explained that the government wanted a prudent and credible budget.
The minister said the council also projected and was working with $38 crude oil price.
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