The Federal Government on Monday proposed a budget of N6 trillion for 2016 at an oil bench mark of
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, gave the indication while addressing State House Press Corps after an emergency Federal Executive Council meeting presided over by President Muhammadu Buhari.
“At today’s council, council approved the Medium Term Expenditure Framework.
“This sets out the policies of government over the next three years. It sets out the fundamental economic underpinning of the budget.
“The highlights are as follows. We project and we are working with 38 dollars crude oil price.
“We consider that to be very conservative but because of the uncertainties we feel that we should start with a conservative crude oil price.
“We also are working with 2.2 million barrels per day production.
“We believe it is achievable, particularly because with the passage of the Petroleum Industry Bill which we are working to achieve, we believe that that is actually a modest figure; that we should be able to produce something higher than that.
“ And so, next year we are looking at an expansionist budget. We are looking at a budget that will be N1 trillion more than last year.
“So we are looking at a budget of about N6 trillion. Last year’s budget, including the supplementary, was about N5 trillion.
“Most of the increases, all the increases actually will be spent on capital because there is the need to increase the capital spend because of our infrastructure issues we have to address.’’
According to him, the plan will be submitted to the National Assembly and a feedback expected after which the budget will be finalised with all the details embedded.
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