Politics 2016 Budget: 11 Things You Should Know About Buhari's Budget of Change

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The 2016 budget was signed into law today by President Muhammadu Buhari.



Here are 9 important things you should know about the budget :

• The National Assembly passed the budget on March 23
• The total budget is N6.06 trillion
• Aggregate expenditure — N6, 060,677,358,227
• Statutory transfers – N351, 370,000,000
• Debt service – N1, 475,320,000,000
• Capital expenditure – N1, 587,598,122,031
• Fiscal deficit – N2, 204,936,925,711.16
• Deficit/GDP – 2.14 per cent
• Recurrent expenditure – N2, 646,389,236,196
• Oil price benchmark and crude oil production were put at US38 per barrel and 2.2000mbpd respectively.
  
• Exchange rate for the budget was pegged at N197/USD1.

SOURCE: PREMIUM TIMES