On wednesday, 14 th december 2017, the president of nigeria, muhammadu buhari presented a 7. The budget, tagged budget of consolidation, is aimed at ensuring growth and stability as nigeria recovers from a period of economic recession. Pdf budget bulletin pwc nigeria analyses of nigerias. In the 2016 budget proposal, the federal government of nigeria share is expected to be n1,683. Budget office of the federation federal republic of nigeria. Nigerias 2016 budget which has been submitted by president muhammadu buhari to the national assembly, like any budget, should not be a mere expression of figures and facts. Padding not a crime under nigerian law, says dogara 2016 budget. Budget 2016 contents page summary of 2016 budget measures policy changes a1. Some highlights of the budget included capital expenditure of. Budget bulletin pwc nigeria analyses of nigerias 2016 budget and medium term expenditure framework. The contours of budget credibility in nigeria international budget. Saharareporters has released the budgets and appropriations outlined in the 2016 appropriations bill passed by the national assembly and signed by president muhammadu buhari. President buhari, vice president yemi osinbajo, with others during the signing of the 2016 budget into law on 6th may,2016.
The acceleration of the implementation of the nigeria industrial revolution plan nirp is a key priority for fostering industrialization. Actually if you read the graph at all you would see that only about 40% of the budget is recurrent expenditure and about 25% is capital expenditure. The late passage of the budget significantly affected its full implementation. Table of contents national assembly budget and research. The budget office is structured into six departments six operational departments and three units. On the 2016 budget the guardian nigeria news nigeria. The budget of a government is a summary or plan of the intended revenues and expenditures of that government. Spending is planned to increase in 2016 compared to 2015 by about 35% to an aggregate expenditure of n6. Budget and planning, and the vice presidents office. The 2018 budget was presented to the national assembly by his excellency, mr. In 2016 during its first recession in 25 years, the economy contracted by 1. My profound appreciation goes to president muhammadu buhari and the. Thus, nigeria is a case where budgets are unrealistic, and also a case where.
Nondebt recurrent expenditure for 2016 which represents about 43. Wfp reestablished its presence in nigeria in mid2016, upon the request of the nigerian government, in order to provide targeted food security and nutrition assistance to conflictaffected populations in the northeast. This comes after so much delay and the budget, which is said to be the budget of recovery and growth, is 20. President muhammadu buhari proposed a budget of n8. The budget office of the federation was established to provide budget function, implement budget and fiscal policies of the federal government of nigeria. The budget speech was also the first major economic speech of the president since nigeria went into a recession budgetbudget of recovery and growth also seemed to capture the mood of the country as the economy reels in its worst recession in 25 years. The year entails several events that define the progress of the country and its future. Nigeria s total debt profile will become 14% of gdp. Budget to a rare joint session of the national assembly on december 14th, 2016. Breakdown of nigerias 2016 budget channels television. Highlights of the 2019 budget presented on 19 december 2018 created date. Nigeria key country indicators development indicators total population 173,615,000 total fertility rate births per woman 6 gross national income per capita ppp 5,360 health care expenditure indicators expenditure ratio total expenditure on health as % of gdp 3. Forget the rowdy session in the national assembly today, here is the breakdown of the proposed n8. His excellency, muhammadu buhari president, federal republic of nigeria.
The proposed 2016 federal government budget will be mainly funded by taxes, debt and independent revenue. However, nigeria s 2016 spending plan is optimistically predicated on oil production topping 2. By the end of the year, the reserves are projected to. Nigeria recorded a government budget deficit equal to 2. This week, nigerian president muhammadu buhari presented a record 7. Current levels of public funding of higher education in nigeria. President buhari presents 2019 budget before nigerian lawmakers, december 19, 2018. President buhari to present 2019 budget to nass on december 19, 2018. Budget of the federal government of nigeria fgn to a joint session of the national assembly on tuesday, 7 november 2017. In percentage terms, nigeria is essentially working with a budget deficit worth 36. The country strategic plan consolidates wfps presence in.
Described as the budget of change, the president first gave an overview of 2015 performance before providing the. Nigerias 2017 budget proposal explained in 6 charts. The objective of this paperis to critique some grey areas of concern in the 2016 budget estimate. Like i always do with many of these budget speeches every year, i printed out the full text the following day, wednesday 23 rd, so i can read and fully digest the fine details. President muhammadu buhari has finally signed 2016 appropriation bill into law, making it effectively an act of the national assembly. Breakdown of budget 2018 presented by minister of budget. Between 2000 and 2014, nigerias gross domestic product gdp grew at an average rate of 7% per year. In addition to this, the global economic outlook has not been encouraging. Pdf nigerias 2016 budget has been severely plagued by arguments, accusations and counter accusations regarding amendments and. Overview and strategic implementation plan of nigeria 2016.
Process and structures for the 2016 budget page 3 d a consolidated budget approach to the public finances which integrates departmental budgets of national and provincial government with the financing of agencies, entities and other institutions that are largely funded by the fiscus. Nigerias president, muhammadu buhari, on tuesday presented a 2016 budget proposal of 6. As amazing as these facts seem, they are hardly novel. The year 2011 is a distinguishing year for nigeria. Nigeria sdgs baseline indicators report 2016 nigeria. The papercritically analyses the breakdown of the budget with. This page provides nigeria government budget actual values, historical data, forecast. If you do not already have such a reader, there are numerous pdf readers available for free download or for purchase on the internet. The president had earlier submitted the medium term expenditure framework and fiscal. Padding not a crime under nigerian law, says dogara on august 6, 2016 12. In each year from 2009 to 2016 most of the underspending was related.
National budget 2018 11 the 2017 budget of economic recovery and growth was signed into law on june 12, 2017. As you are aware, the 2016 budget was presented to the national. Insights from new company disclosures analyzing nigerias oil and gas sector ptg reports provide citizens with unprecedented levels of relevant and timely projectlevel payment data that can be used to inform public debate on the management of nigerias natural resources. The election prognosis triggered confidence deficit and flight to safety by portfolio investors and put fdi on edge. Breakdown of proposed 2019 nigeria budget by president.
An address by senator udoma udo udoma, honourable minister of budget and national planning, 12th may 2016 protocols it is my pleasure to welcome you all to this presentation on the 2016 federal government budget the first full year budget of this administration which was recently signed into law by the president. Business insider subsaharan africa looks at the key figures in nigerias 2019 budget. In bridging the gap between ochas donor funding and budget expenditure in recent years, ocha has drawn down against its reserves. In order to fund the 2016 budget, borrowing will increase and hence debt service expenditure. Each department is subdivided into divisions for functional purposes. The priority sectors identified are mining and quarrying, which contributed 7. A joint session of the national assembly on december 22. Like many nigerians, i watched president muhammadu buhari deliver his 2016 budget presentation to the nigerian national assembly on tuesday, december 22, 2016.