Buhari signs 2016 budget


President Muhammadu Buhari flanked by Vice President Yemi Osinbajo and Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang during the budgeting signing ceremony at the State House on Friday, May 6, 2016.

President Muhammadu Buhari has signed the 2016 Appropriation Bill into law after an initial rancour between the Executive and the Legislature on some of the contents of the Bill.

“I can’t promise that it will be an easy journey, but I can assure this government you have freely elected will work with honesty and dedication,” the President said during the budget signing.

He said his government was committed to changing the structure of the Nigerian economy “once and for all,” while also commending the sacrifice and resilience Nigerians “who have continued to have hope and confidence of a great future.”

The event, which took place at the Presidential Villa, Abuja, was witnessed by Vice President Yemi Osinbajo, Senate President Bukola Saraki, Speaker Yakubu Dogara and National Chairman of the ruling APC John Odigie-Oyegun.

Buhari said at the event that through the 2016 budget, titled “Budget of Change’’, the government seeks to fulfil its own side of the social contract.

“The Budget I have signed into law provides for aggregate expenditures of N6.06 trillion,’’ he said.
According to Buhari, the budget is intended to “signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people.

“This administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year’’.

He said that in designing the 2016 budget, the administration made a deliberate choice to pursue an expansionary fiscal policy in spite of the huge decline in government revenues from crude oil exports.

He said that was why it decided “to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings’’.

The president noted that all borrowings would, however, be applied towards growth-enhancing capital expenditures.
He also reassured that in spite of the current difficulties the administration would work extra-hard to achieve its 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.

“Our determined fight against corruption is resulting in improvements in the quality of public expenditure.

“The work of Efficiency Unit, as well as other public financial management initiatives, are also contributing in this regard.

“The continuing efforts to reduce recurrent expenditures should hopefully free up more funds for capital expenditure in 2017 and beyond,’’ he added.

Buhari observed that Nigerians were experiencing probably the toughest economic times in the history of the nation and added that he was not alienated from the peoples’ struggle.

“I read the newspapers and listen to the TV and radio news; I hear your cries; I share your pains. I want to commend the sacrifice, resilience and toughness of all Nigerians, young and old, who have despite the hardships continued to have hope and confidence of a great future for Nigerians.

“But 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,’’ he said.

He said government was working hard to diversify the economy such that the country would never again have to rely on one commodity to survive.

He said the aim was that we could produce the food we eat, make our own textiles and produce most of things we use.

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

He acknowledged that the journey might not be easy but in the interest of many, government had to tread the 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,’’ he said.

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  • You go Mr. President…anyone who haven’t see that things have been moving faster in your administration faster than the last three administrations is unfair.

  • Mizch

    We pray for a fair implementation of the budget.

  • larr

    Shame on those celebrating the signing of budget into law in May as an achievement of their president. Nigeria has not only gone back to stone age under Buhari but those celebrating it have their brain wapped.
    Signing of 2016 budget in the second quarter on 2016 is failure in itself. It is not an achievement in anyway shape of form. It is abysmal failure. Buhari said he discovered padding yet the final figure remains the same. So what happened to the padding?

    • Mike O

      Laar or what is your name, you are being sentimental, may be you are one of the beneficiary of past roque budgets, please note that there is no more free money to be throw around on useless and white elephant projects. What matter now is not when the budget was signed but how well the budget is implemented.

      • Godwin Itamah

        Thank you Mike.

    • Ifeoluwa

      Larr, be educated. Obviously you are not aware of your environment, hence your comment. Yes the figure remains the same, but what projects are in the budget. Don’t blame the president for the late signing, blame the people representing your constituencies. They as in times past removed core executive projects and replaced it constituency projects. Of course you know the president you have, it cannot happen. The executive has to sign a budget it can defend because when things don’t work after 4 years, you will not call your senators’ name, but say Buhari is a failure. Moreover, that is why the budget for 2017 is ready and will be sent in for appropriation ahead of time now that 2016 budget has been signed. I hope this helps from making careless statements.. Don’t bite the finger that wants to feed you, unlike those who have consistently taken away from you in the past.

  • amador kester

    After almost five months of delays and abominable senatorial paddings the ship of state finally sets sail… Now the journey begins but we should beware of debilitating economic cavitation at the propellers