Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Government agrees 6.0 trillion naira budget for 2016

08 December 2015, 06:45

Abuja - The government has agreed a 6.0 trillion naira budget for the coming year, budget and national planning minister Udoma Udo Udoma said on Monday.

"Next year, we are looking at an expansionist budget," he told reporters after a cabinet meeting in the capital, Abuja.

"We are looking at a budget that will be 1.0 trillion naira more than last year (2015). So, we are looking at a budget of about 6.0 trillion."

Udoma said 30 percent would go on capital expenditure - up from 15 percent this year.

Nigeria's economy has been hit hard by falling global crude prices, affecting government spending on much-needed infrastructure projects, and even payment of state sector salaries.

Also read: NASS to make public 2016 budget breakdown

President Muhammadu Buhari has complained the previous administration left the country's treasury "virtually empty" and has vowed to reclaim "mind-boggling" sums looted by corrupt officials.

The head of state has begun an overhaul of the state-run oil company and forced government departments and agencies to deposit revenues in a single treasury account for better monitoring and transparency.

On oil, Udoma said the government was assuming a conservative price per barrel of $38 and production of 2.2 million barrels per day.

But he also said boosting non-oil revenues was key as well as cutting recurrent expenditure and making tax revenue collection more efficient.

Last week, finance minister Kemi Adeosun launched a new Efficiency Unit, designed to cut government waste as a first step towards reducing overheads.


Tags budget

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...