Budget 2016’ll revive economy, says Buhari

PRESIDENT Muhammadu Buhari, yesterday, apologised to Nigerians over the persistent and biting fuel scarcity in the country and attributed the problem to market speculators and stakeholders who are resistant to change. He assured that the government was working hard to end the shortages urgently.

President Buhari who begged Nigerians while presenting the N6.08 trillion 2016 budget to a joint session of the National Assembly, said the government has not increased fuel price and that the pump price of fuel remains N87 per litre.

Buhari arrived the Chambers at 10.01am. Apologizing to Nigerians for the pains occasioned by the continued fuel scarcity across the country, he said: “The  current fuel scarcity with long queues at petrol stations all over the country causing social dislocation is very unfortunate. Government profoundly apologizes to Nigerians for this prolonged hardship and misery. It is as a result of market speculators and resistance to change by some stakeholders. Government is working very hard to end these shortages and bring fuel to the pumps all over the country.”

Meanwhile, the Senate, yesterday, amended the Appropriation Act of 2015 to extend implementation of 2015 budget from December 31, 2015 to March 31, 2016.

The President who started his address at 10.17am and ended it at 10.51 am, disclosed that 30 per cent of Nigeria’s annual budget will be committed to capital expenditure, even as he raised Capital Expenditure from N557 billion in 2015 to N1.8 trillion in the 2016 budget.

Having reviewed the trends in the global oil industry, he said the government decided to set a benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016, with plans to  focus on non-oil revenues by broadening the tax base and improving the effectiveness of revenue collecting agencies.  The government is projecting to realise N1.4 trillion as non-oil revenue.

President Buhari, who noted that the present administration projected a revenue target of N3.86 trillion for 2016 and recurrent expenditure of N2.43 trillion, said that the Federal Government also proposed to spend N1.66 trillion on foreign and domestic debt servicing.

The President also declared that his administration would fight corruption no matter how long it takes.