Buhari To Present 2016 Budget To National Assembly Today

All is set for presentation of the 2016 national budget to the National Assembly on Tuesday, Lai Mohammed, Nigeria minister of information and culture confirmed this to journalists after a meeting of the cabinet, the Federal Executive Council meeting on Monday afternoon. 

Mohammed who addressed journalists in company of Senator Udo Udoma, the minister of national planning said the President will present the budget to a joint session of National Assembly at 10:00 am on Tuesday.

But both ministers declined to answer questions on the proposed budget which related to the continuous fall in the value of naira, the estimated price of barrel of crude oil and stricter control being imposed on access to foreign exchange by the Central Bank of Nigeria.

The Minister said the President will address all questions relating to the budget in his speech at the National Assembly.

“The details of the budget will be presented by the President tomorrow (on Tuesday) at 10:00 am. Everything will be there in his budget address. The President will address a joint session of the National Assembly tomorrow (Tuesday),” said the Minister. 

Udoma had after a meeting on 7, December announced that the President Muhammadu Buhari cabinet had agreed on a N6 trillion budget for 2016. The budget was N1.4 trillion higher than N4.6trillion 2015 budget while the $38 benchmark oil price was 28 per cent lower than $53 used benchmark oil price in 2015 budget. 

The budget is also based on an estimated exchange rate of N198 to the dollar.