We’re in worst economic state since 1960, says Buhari

President Buhari

President Muhammadu Buhari yesterday signed the controversial Appropriation Bill into law, saying it was coming in the middle of Nigeria’s toughest economic period since independence in 1960.
But he was optimistic that its coming into effect will mark the beginning of the change in the structure of the Nigerian economy once and for all.

A sum of N350 billion is being injected into the economy immediately to reflate it.

“The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of N350 billion into the economy by way of capital projects,” he said at the signing witnessed by Vice President Yemi Osinbajo; Senate President Bukola Saraki; House of Representatives Speaker Yakubu Dogara; APC National Chairman John Odigie-Oyegun; Finance Minister Kemi Adeosun; Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang; Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawu; Chairman Senate Committee on Appropriation, Danjuma Goje and Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.

For the umpteenth time, President Buhari apologised for the inconveniences caused by the economy, saying that living in the State House does not in any way alienate him from the daily struggles of Nigerians.

“I read the newspapers and listen to the TV and radio. I hear your cries. I share your pains,” he said


Noting that Nigeria is experiencing probably the toughest economic times in its history, he acknowledged  the sacrifice, resilience and toughness of all Nigerians who continued to have hope and confidence of a great future despite the hardships.


He branded his administration as one like no other..
“Permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all.

“We are working night and day to diversify the economy such that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use.

“We intend to create the environment for our young people to be able to innovate and create jobs through technology.

“I cannot promise you that this will be an easy journey, but in the interest of so much and so many, we must tread this difficult path. But I can assure you this government you have freely elected will work with honesty and dedication day and night to ensure that our country prospers and that the prosperity benefits all Nigerians.”

The N6.06 trillion budget, according to him, “is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people.”

He spoke of government’s determination to table appropriation bill before the National Assembly not later than October henceforth in time for the passage of the Act before the beginning of the fiscal year.
Throwing more light on the objective of the budget, he said:”Through the 2016 budget, titled Budget of Change, the government seeks to fulfill its own side of the social contract.

“In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports.

“This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.

“To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200 billion to road construction as against a paltry N18 billion allocated for same purpose in the 2015 budget.”

Despite the current challenges, he said that his administration will work extra-hard to achieve the revenue projections.

“Our revenue generating agencies are coming under better management and are re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues,” he said.

The President said that further details of the approved budget and Strategic Implementation Plan for the 2016 budget will be provided to the public by the Minister of Budget and National Planning, Udoma Udo Udoma.

He said that he would also speak more on the Budget, its implementation and the overall national economic and social policies of his government on May 29 when he will be marking his first year in office.

He hailed the National Assembly for making the budget a reality.



Source: The Nation

FG will ensure 100 per cent budget implementation – Udoma

Sen. Udoma

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Friday said that in spite of the late signing of the 2016 budget, the administration would target 100 per cent implementation.

He gave the assurance while briefing State House correspondents shortly after President Muhammadu Buhari signed the Appropriation Bill in Abuja.

The minister said that the budget was anchored on 38 dollars per barrel of oil benchmark, adding that the projection was also based on 2.2 million barrels of crude per day production.

“Our aim will always be 100 per cent implementation. We know that because we started late we may not achieve it but 100 per cent achievement is our aim.

“We start with that aim because the budget is a law and we try to implement it as quickly as we can,’’ he said.

Udoma said that the highlight of the budget would be given later but disclosed that what was signed by the president was slightly lower than what he presented to the National Assembly.

He said that revenue assumptions by the executive and legislature were the same as well as the size of the deficit and added that the ministry would set up monitoring committee to ensure effective implementation.

The minister expressed the hope that the 2017 budget would be passed early as the executive planned to submit the bill in October to enable passage before the end of the year.

According to him, the ministry has sent a memo for a timetable for the presentation of the 2017 budget.

“The ministry presented a memo to the Federal Executive Council (FEC) and got approval for a time table for the 2017 budget.

“So, as we are finishing with this budget, we are starting on 2017 and our intention is that the budget should reach the National Assembly early in October to give them enough time to pass the budget before the end of the year.

“As you know, the most important time, particularly for road construction is the dry season and if you can get the budget out in December you can now start early to implement.

“So, our intention, going forward, is to get us back to a situation where we can get a full January to December implementation for the budget and we are working with a time table to achieve this,’’ he added.

Udoma said that there would be much consultation with the national assembly and non-governmental organisations prior to the presentation of the next appropriation bill to enable the administration to speed up the approval process.

He expressed the appreciation of the executive to the leadership of the legislature for its support in the process of getting the president to assent on the bill.

Also speaking, Minister of State for Budget and National Planning, Hajia Zainab Ahmed, expressed gratitude to the media and the Nigerian people for their patience while the budget process lasted.

On monitoring of implementation, she said that the FEC had approved a monitoring and evaluation framework that the ministry submitted.

According to Ahmed, the framework will guide the implementation of the budget while the ministry has developed a specific implementation guideline for the implementation of the 2016 budget.

She said that the guideline would be disseminated to all ministries, departments and agencies and would be vigorously monitored and reported upon on a quarterly basis to FEC.

The minister said that the implementation plan had some checks and that the ministry would follow the plan as best as possible. (NAN)

Source: Daily Post NG