L
LequteMan
Guest
Nigeria's President Muhammadu Buhari yesterday presented the 2016 Appropriation Bill to members of the National Assembly.
Here's a run down of the 2016 budget:
Summary:
Total budget spend capped at N6.08 trillion ($30.71 billion) with projected revenues of N3.86 trillion ($19.49 billion), implying a deficit of N2.22 trillion ($11.21 billion). The deficit of N2.22 trillion is equivalent to 2.16% of GDP and takes the country's overall debt profile to 14% of GDP. Deficit to be financed partly through domestic and foreign borrowings worth N984 billion ($4.97 billion) and N900 billion ($4.55 billion) respectively.
Projected Revenues:
·Oil revenues: N820 billion ($4.14 billion)
·Non-oil revenues: N1.45 trillion ($7.32 billion) - sourced from Company Income Tax - CIT, Value Added Tax - VAT, Customs Duties and Federation Account levies
·Independent revenues: N1.51 trillion($7.63 billion) which include revenues from Ministries Departments and Agencies - MDAs
Expenditures:
Planned capital expenditure equal to N1.80 trillion ($9.09 billion) and equivalent to 30% of total budget spend. Capital expenditure to critical sectors are as follows:
·Works, Power and Housing - N433.4 billion ($2.19 billion)
·Transport - N202 billion ($1.02 billion)
·Social Investment - N200 billion ($1.01 billion)
·Defence - N134.6 billion ($680 million)
·Interior - N53.1 billion ($268 million)
·Details on planned capital expenditure of the balance N776.9 billion ($3.9 billion) was not stated.
Planned non-debt recurrent expenditure equal to N2.35 trillion ($11.8 billion). Non-debt recurrent expenditure to critical sectors as follows:
·Education - N369.6 billion($1.86 billion)
·Social Investment - N300 billion($1.51 billion)
·Defence - N294.5 billion($1.49 billion)
·Interior - N145.3 billion($734 million)
·Details on planned non-debt recurrent expenditure of the balance N1.24 trillion($6.26 billion) was not stated.
Other highlights:
·N113 billion ($570 million) provided as sinking fund towards retirement of maturing loans
·N1.36 trillion ($6.87 billion) provided for 2016 debt servicing
Proshare
Here's a run down of the 2016 budget:
Summary:
Total budget spend capped at N6.08 trillion ($30.71 billion) with projected revenues of N3.86 trillion ($19.49 billion), implying a deficit of N2.22 trillion ($11.21 billion). The deficit of N2.22 trillion is equivalent to 2.16% of GDP and takes the country's overall debt profile to 14% of GDP. Deficit to be financed partly through domestic and foreign borrowings worth N984 billion ($4.97 billion) and N900 billion ($4.55 billion) respectively.
Projected Revenues:
·Oil revenues: N820 billion ($4.14 billion)
·Non-oil revenues: N1.45 trillion ($7.32 billion) - sourced from Company Income Tax - CIT, Value Added Tax - VAT, Customs Duties and Federation Account levies
·Independent revenues: N1.51 trillion($7.63 billion) which include revenues from Ministries Departments and Agencies - MDAs
Expenditures:
Planned capital expenditure equal to N1.80 trillion ($9.09 billion) and equivalent to 30% of total budget spend. Capital expenditure to critical sectors are as follows:
·Works, Power and Housing - N433.4 billion ($2.19 billion)
·Transport - N202 billion ($1.02 billion)
·Social Investment - N200 billion ($1.01 billion)
·Defence - N134.6 billion ($680 million)
·Interior - N53.1 billion ($268 million)
·Details on planned capital expenditure of the balance N776.9 billion ($3.9 billion) was not stated.
Planned non-debt recurrent expenditure equal to N2.35 trillion ($11.8 billion). Non-debt recurrent expenditure to critical sectors as follows:
·Education - N369.6 billion($1.86 billion)
·Social Investment - N300 billion($1.51 billion)
·Defence - N294.5 billion($1.49 billion)
·Interior - N145.3 billion($734 million)
·Details on planned non-debt recurrent expenditure of the balance N1.24 trillion($6.26 billion) was not stated.
Other highlights:
·N113 billion ($570 million) provided as sinking fund towards retirement of maturing loans
·N1.36 trillion ($6.87 billion) provided for 2016 debt servicing
Proshare
