BY OBUTE JAMES
The Nigeria Senate on Wednesday 23 March, passed the 2016 budget of N6.060,677,358,227 before adjourning to 12th April, 2016.
This came after the Senate postponed the laying 2016 Appropriation Bill for three consecutive times.
The highlights of the 2016 Appropriation Act include Aggregate Expenditure, N6,060677,358,227; Statutory Transfers, N351,370,000,000; Debt Service N1,475,320,000,000; Recurrent Expenditure, N2,646,389, 236,196; Capital Expenditure, N1,587,598,122,031; Fiscal Deficit, 2,204,936,925,711.16 and Deficit/GDP, 2.14%.
The 2016 Budget is based on benchmark of $38.000pb, crude oil production of 2.2000mbpd and exchange rate of N197/US1.
Earlier, Senate Committee Chairman on Appropriation, Senator Danjuma Goje while presenting the 2016 Appropriation Bill, to the Senate noted that subsequent budget proposal should be presented to the National Assembly on time. He attributed late presentation of 2016 budget proposal to the delay in its passage.
Senate President, Senator Bukola Saraki in his remark commended the Committee for a good job done on the budget in view of hiccups inherent in it. He urged the full implementation of the budget by Executive.
It will be recalled that on Tuesday December 22, 2016 President Muhammadu Buhari laid before the joint sitting of the National Assembly, the 2016 Appropriation Bill containing the estimates of revenue and expenditure of the federation for the 2016 fiscal year in aggregate sum of N6,077,680,000,000.
Senate Passes N6.06 Trillion 2016 Budget, Adjourns to April 12
BY OBUTE JAMES