The 8th Senate in its session at the National Assembly, has officially passed the N6.08 trillion budget for 2016 today, March 23rd, with an unprecedented reduction in the budget’s total.
It can be recalled that in December 2015, the budget proposal presented to a joint session of the national assembly by President Muhammadu Buhari. was N6.08 trillion. A total of N351 billion was for statutory transfers, N2.8 trillion for recurrent expenditure and N1.8 trillion for capital expenditure.
The senate, based on the recommendation of the committee of the budget in its report, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.
The senate, however, reduced the total budget sum from N6.08 trillion to N6.06 trillion: N351 billion for statutory transfers, N1.4 tilliorn for debt service, N2.6 trillion for recurrent expenditure, and N1.5 trillion as capital expenditure.
John Enoh, who heads the Senate Finance Committee, said after its passage into law that “It was the first time since 1999 that the National Assembly would approve a figure lower than proposed by the executive.”
He added that it reflected the “mood of the country and the world” and showed “discipline” of the part of the National Assembly.