Take A Look At The Breakdown Of Nigeria’s 2016 Budge
the Nigerian 2016 budget was presented by the president muhammadu buhari a budget of 6.07 trillion Naira.
The bench mark for the new Nigeria’s 2016 budget is base on the crude oil price of $38 per barrel and a estimated production of 2.2 million barrels per day for 2016.
Take A Look At The Break down Of Nigeria’s 2016 Budget
GDP Growth Rate Projection 4.37%
Revenue Projection 3.86 Naira
Deficit 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues 820 billion Naira
Non-oil Revenues 1.45 trillion Naira
Projected Independent Revenues 1.51 trillion Naira
Capital Expenditure 1.8 trillion Naira (30% of total budget)
Works, Power and Housing 433.4 billion Naira
Transport 202.0 billion Naira
Interior 53.1 billion Naira
Special Intervention Programs 300 billion Naira
Education 369.6 billion Naira
Defence 294.5 billion Naira
Health 221.7 billion Naira
Ministry of Interior 145.3 billion Naira
Foreign and Domestic Debt Service 1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans 113 billion Naira
Non-debt Recurrent Expenditure 2.65 trillion Naira\
he Deficit expenditure of 2.22 trillion Naira which accounts for equivalent of 2.16% of Nigeria’s GDP will be funded by venture of both domestic borrowing and foreign borrowing at a rate of of N984 billion and N900 billion totaling N1.84 trillion.