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How Will Nigeria’s 2016 N6.08 Trillion Budget Be Spent? See the Breakdown
On Tuesday, President Muhammadu Buhari presented the N6.08 Trillion 2016 budget to the National Assembly to both the Senate and the House of Representatives.
And now, Channels, is giving us a look at how the budget will be allocated:
The report also notes:
Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.
There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.
The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.
The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.
Photo Credit: Bayo Omoboriowo
