Monday 7 December 2015

Federal Government proposes N6 trillion for 2016 Budget

Federal Executive Council (FEC)
The Federal Executive Council (FEC) on Monday passed the Medium Term Expenditures Framework (MTEF) wherein it proposed a total of N6 trillion budget for 2016.

Briefing newsmen after the council meeting which lasted over four hours under the chairmanship of President Muhammadu Buhari, Minister for Budget and Regional Planning, Senator Udo Udoma, said the MTEF passed remained the policy direction of the government in the next three years.

He added that the council in the proposal pegged the sale of crude oil at $38 per barrel, a price he said, was considered as conservative and sustainable.

The minister said that the council projected the production of 2.2 million barrels of crude oil per day within the three fiscal years.

According to him, the 2016 budget proposal which has a trillion naira above the 2015 budget, remains an expansionist projection with the aim of increasing infrastructure budget to 30 percent from its current 15 percent.

He disclosed that the approved MTEF would be forwarded to the National Assembly for consideration and passage while the government would continue to work on the actual 2016 budget proposal to be submitted to the lawmakers at a later date.

Credit: ThisDay

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