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LIVE: 2016 budget presentation

22 December 2015, 10:46

11; 08: Buhari leaves the National Assembly.

11. 03 Closing prayers and the National Anthem have been said

10.55 Speaker Yakubu Dogara addressing the parliament

10. 54: Buhari takes his seat.

10:54. The President hands over a copy of the budget to Senate President and Speaker Yakubu Dogara

10:52 President Buhari finishes his address.

10. 43: President Buhari gives a breakdown of the budget

President Buhari reiterates budget will address youth unemployment and cater for the vulnerable #2016Budget:

Over 2.1 trillion deficit will be financed by both local and foreign loans-- #2016Budget

Petrol price remains at N87 per litre for now #2016Budget

Tax rate cuts for small biz, Subsidised funding for agriculture and solid minerals, Recruitment of 500k graduate teachers - #2016Budget

For the first time in many years, capital expenditure will take 30 percent of our national budget -- #2016Budget

Capital spending shall be 
200 billion- power 
134 billion- defense
53 billion - interior

369 billion Eduction 
293 billion defense 

2.2 mn barrels production est

Zero-based budgeting approach

10.40; President Buhari says President says his first budget will stimulate growth and prioritize the welfare of Nigerians.

He says his government is committed to economic diversification.

President Buhari says Nigeria remains committed to diversification to build and reflate the economy

10. 36: President Buhari  begins addressing the joint Parliament.

10.35: All formalities from anthems to prayers have been said The Senate President, Bukola Saraki gives his opening address.

10 30: President Muhammadu Buhari arrives National Assembly complex. Vice President Yemi Osinbanjo and cabinet members accompanied Buhari.

Abuja - President Muhammadu Buhari  will on Tuesday present the 2016 Appropriation Bill to the joint session of the National Assembly comprising the Senate and the House of Representatives.

Ahead of today’s budget presentation, the Senate had last week approved the Medium Term and Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted by the Federal Government, approving Crude Oil Benchmark price of $38 per barrel for 2016 despite the global dwindling crude oil price to $36 per barrel as at Monday.

- News 24


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