Nigeria proposed N8tn for 2016 budget

According to Vice-President Professor Yemi Osinbajo, Nigeria’s budget will be stepped up from what is obtainable this year of N4.4tn to about N7tn or N8tn in year 2016.

Osinbajo made the statement at the two-day retreat for the minister-designate which started yesterday Thursday while delivering a paper entitled: ‘The economy – Where we are today’.

Osinbajo said, “The budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year.

“For the Medium Term Expenditure Framework, the actual 2015 budget is N4.4tn, while the proposed 2016 budget will be N7tn to N8tn.

“Capital expenditure for the 2015 budget is N1.31tn, while the proposed capital expenditure for 2016 is N2tn.”

The VP also added that a total of N1.4tn had so far been paid into the TSA to date.

A TSA is a unified structure of government bank accounts enabling consolidation and optimal utilisation of cash resources.