EXCLUSIVE DETAILS ON SIGNED 2016 BUDGET AND THE MINISTERS WITH HIGHEST BUDGET ALLOCATIONS
In the breakdown of the budget, a
total sum of recurrent and capital budgets of N467 billion was allocated
to the ministry of the former Lagos state governor, a clear signal that
the President Muhammadu Buhari-led administration is ready to execute
capital projects in this fiscal year. he allocations of the 2016 budget
by ministry. The allocations of the 2016 budget by ministry.
Security also got a huge chunk of
the budget with the ministry of Defence getting N428,098,182,742 while
the Police Formation got an allocation of N300,100,330,698. Others are
ministry of Interior (N198,352,766,543) and the Office of the National
Security Adviser (ONSA) chalking an allocation of N90,350,068,052.
Education also got about N407.6
billion which is expected to be pumped into projects, while the health
sector has had an allocation of about N258 billion, with the
transportation getting N202 billion. N200 billion has also been
allocated to Special Intervention projects, showing that a huge part of
this year’s budget (N1.36 trillion) is allocated to the servicing of
foreign and domestic debts.
There is also the N113 billion voted
as Sinking fund towards the retirement of maturing loans and minister
of National Planning, Senator Udoma Udo Udoma has promised that the
budget would be implemented 100 percent. We know that because we started
late, we may not achieve it, but that is our aim. We will start off
with that aim because the budget is a law. So, we will try and implement
it as faithfully as we can.
“However, the reality is that we may
not (achieve full implementation) because we started late. So, to cure
that, subsequent years, we’ll start earlier to give us a better chance
of implementing the budget in full. But we will do our best.”
President Buhari only signed the
2016 budget into law on Friday, May 6 after initially returning it to
the National Assembly for three consecutive times following sio
Source: Daily Trust
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