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<img alt="Image result for President Muhammadu Buhari pic" 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/><br />PROTOCOLS<br />I am honoured and privileged to present the 2016<br />#Budget proposal. This is my first address before<br />this joint session of the National Assembly. I have<br />come here today, not only to address members of<br />the National Assembly, but also to speak directly to<br />the men and women who placed us here.<br /></div>
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2. I know the state of our economy is a source of<br />concern for many. This has been further worsened<br />by the unbridled corruption and security challenges<br />we have faced in the last few years. From those<br />who have lost their jobs, to those young people who<br />have never had a job, to the people in the North<br />East whose families and businesses were<br />destroyed by insurgents, this has been a difficult<br />period in our nation’s history, lessons that we must<br />not forget or ignore, as we plan for the future.<br /></div>
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3. By June 2014, oil prices averaged $112 per<br />barrel. But as at today, the price is under $39 per<br />barrel. This huge decline is having a painful effect<br />on our economy. Consumption has declined at all<br />levels. In both the private and public sectors,<br />employers have struggled to meet their salary and<br />other employee related obligations. The small<br />business owners and traders have been<br />particularly hard hit by this state of affairs.<br /></div>
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4. Fellow Nigerians, the confidence of many might<br />be shaken. However, I stand before you today<br />promising that we will secure our country, rebuild<br />our economy, and make the Federal Republic of<br />Nigeria stronger than it has ever been.<br /></div>
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5. The answers to our problems are not beyond us.<br />They exist on our farmlands; our corporations; in<br />the universities in the hearts and minds of our<br />entrepreneurs; through the gallantry of our Armed<br />Forces; and the resolute spirit of Nigerians,<br />especially the youth, who have refused to give up<br />despite all the obstacles confronting them.<br /></div>
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6. This Budget proposal, the first by our<br />Government, seeks to stimulate the economy,<br />making it more competitive by focusing on<br />infrastructural development; delivering inclusive<br />growth; and prioritizing the welfare of Nigerians. We<br />believe that this budget, while helping industry,<br />commerce and investment to pick up, will as a<br />matter of urgency, address the immediate problems<br />of youth unemployment and the terrible living<br />conditions of the extremely poor and vulnerable<br />Nigerians.<br /></div>
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7. In the medium to longer term, we remain<br />committed to economic diversification through<br />import substitution and export promotion. This will<br />build resilience in our economy. It will guarantee<br />that the problems we have today, will not confront<br />our children and their children. This shall be our<br />legacy for generations to come.<br />2015: A Year of Global and Domestic Challenges<br /></div>
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8. Today, it is widely acknowledged that the global<br />economy has slowed down. This is particularly the<br />case with emerging markets such as Nigeria.<br />However, despite the weak emerging market<br />growth rates, our domestic security challenges,<br />declining oil prices, and the attendant difficulties in<br />providing foreign exchange to meet market<br />demands, the Nigerian economy grew by 2.84% in<br />the third quarter of 2015.<br /></div>
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9. We have, and will continue to implement<br />strategies that will maintain macroeconomic<br />stability and manage the oil price shocks we are<br />experiencing.<br /></div>
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10. Upon the inauguration of this administration on<br />29th May 2015, we engaged key stakeholders from<br />various sectors of our economy and interfaced with<br />the heads of Ministries, Departments and Agencies<br />(MDAs) in order to understand the true state of our<br />nation. What we found prompted us to take certain<br />strategic decisions.<br /></div>
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11. On the economy, we injected new leadership at<br />the helm of our revenue generating agencies<br />including the Federal Inland Revenue Service (FIRS),<br />Nigerian National Petroleum Corporation (NNPC),<br />Nigerian Communications Commission (NCC), and<br />the Nigerian Customs Service (NCS). We<br />implemented the Treasury Single Account (TSA)<br />which, so far, has provided greater visibility of<br />Government revenues and cash flows. We<br />intervened to support States to navigate their fiscal<br />challenges by restructuring their commercial bank<br />loans and by providing facilities to enable them to<br />pay salary arrears.<br /></div>
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12. We have demonstrated a strong will to fight<br />corruption. I am sure you will agree that the sheer<br />scale of corruption and impunity of the past explains<br />in part, the economic challenges we now face. On<br />these initiatives, and the many more to come, we<br />shall not be deterred. We will pursue the recovery<br />of everything that belongs to the people of Nigeria.<br />No matter where it is hidden. No matter how long it<br />will take.<br />2015 Budget Performance<br /></div>
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13. Distinguished and honourable members of the<br />National Assembly, I now present a review of the<br />2015 Budget. That Budget was based on a<br />benchmark oil price of $53 per barrel, oil production<br />of 2.28 million barrels per day and an exchange rate<br />of N190 to the US$.<br /></div>
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14. The projected revenue was N3.45 trillion, with<br />an outlay of N4.49 trillion, implying a deficit of N1.04<br />trillion. Due largely to under-provisioning by the<br />previous administration for fuel subsidy and the<br />costs required to support the military operations in<br />the North East, the Government had to obtain<br />National Assembly’s approval for a supplementary<br />budget of N575.5 billion. I take this opportunity to<br />thank all members of the National Assembly for the<br />prompt passage of that Bill.<br />2016: Budget Assumptions<br /></div>
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15. After reviewing the trends in the global oil<br />industry, we have set a benchmark price of $38 per<br />barrel and a production estimate of 2.2 million<br />barrels per day for 2016. We have focused on non-<br />oil revenues by broadening our tax base and<br />improving the effectiveness of our revenue<br />collecting agencies.<br /></div>
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16. Also, with the full implementation of the<br />Treasury Single Account, we expect significant<br />improvements in the collection and remittance of<br />independent revenues. To further support the drive<br />for increased remittances, we will ensure that all<br />MDAs present their budgets in advance, and remit<br />their operating surpluses as required by section 22<br />of the Fiscal Responsibility Act.<br /></div>
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17. We are determined to ensure that our resources<br />are managed prudently and utilized solely for the<br />public good. To set the proper tone, one of our early<br />decisions was the adoption of a zero based<br />budgeting approach, which ensures that resources<br />are aligned with Government’s priorities and<br />allocated efficiently. This budgeting method, a clear<br />departure from previous budgeting activities, will<br />optimize the impact of public expenditure.<br /></div>
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18. In addition to the proper linkage of budgeting to<br />strategic planning, we are enhancing the utilization<br />of the Government Integrated Financial<br />Management Information Systems (GIFMIS) to<br />improve financial management. The recently<br />established Efficiency Unit is working across MDAs<br />to identify and eliminate wasteful spending,<br />duplication and other inefficiencies. We engaged<br />costing experts to scrutinize the 2016 budget<br />proposals. They have already identified certain cost<br />areas that can be centralized for economies to be<br />made.<br /></div>
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19. We have directed the extension of the Integrated<br />Personnel Payroll Information System (IPPIS) to all<br />MDAs to reap its full benefits. We will also<br />strengthen the controls over our personnel and<br />pension costs with the imminent introduction of the<br />Continuous Audit Process (CAP). These initiatives<br />will ensure personnel costs are reduced. Our<br />commitment to a lean and cost effective<br />government remains a priority, and the initiatives<br />we are introducing will signal a fundamental change<br />in how Government spends public revenue.<br />2016: Laying the Foundation for Sustainable Growth<br /></div>
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20. The 2016 budget, as outlined, is designed to<br />ensure that we revive our economy, deliver<br />inclusive growth to Nigerians and create a<br />significant number of jobs.<br /></div>
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21. We aim to ensure macroeconomic stability by<br />achieving a real GDP growth rate of 4.37% and<br />managing inflation. To achieve this, we will ensure<br />the aligning of fiscal, monetary, trade and industrial<br />policies.<br /></div>
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22. As we focus on inclusive growth, we are<br />conscious of the current rate of unemployment and<br />underemployment. This is a challenge we are<br />determined to meet; and this budget is the platform<br />for putting more Nigerians to work. I can assure<br />you that this administration will have a job creation<br />focus in every aspect of the execution of this<br />budget. Nigeria’s job creation drive will be private<br />sector led. We will encourage this by a reduction in<br />tax rates for smaller businesses as well as<br />subsidized funding for priority sectors such as<br />agriculture and solid minerals.<br /></div>
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23. As an emergency measure, to address the<br />chronic shortage of teachers in public schools<br />across the country, we also will partner with State<br />and Local Governments to recruit, train and deploy<br />500,000 unemployed graduates and NCE holders.<br />These graduate teachers will be deployed to<br />primary schools, thereby, enhancing the provision of<br />basic education especially in our rural areas.<br /></div>
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24. We also intend to partner with State and Local<br />Governments to provide financial training and loans<br />to market women, traders and artisans, through<br />their cooperative societies. We believe that this<br />segment of our society is not only critical to our<br />plan for growing small businesses, but it is also an<br />important platform to create jobs and provide<br />opportunities for entrepreneurs.<br /></div>
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25. Furthermore, through the office of the Vice<br />President, we are working with various<br />development partners to design an implementable<br />and transparent conditional cash transfer program<br />for the poorest and most vulnerable. This program<br />will be implemented in phases. Already, the<br />compilation of registers of the poorest persons is<br />ongoing. In the coming weeks, we will present the<br />full programme, which will include our home-grown<br />public primary school feeding and free education for<br />science, technology and education students in our<br />tertiary institutions. Indeed, this will mark a historic<br />milestone for us as a nation.<br />The 2016 Budget<br /></div>
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26. Distinguished members of the National<br />Assembly, I now present, the 2016 Budget<br />proposals of the Federal Government. Based on the<br />assumptions I presented earlier, we have proposed<br />a budget of N6.08 trillion with a revenue projection<br />of N3.86 trillion resulting in a deficit of N2.22 trillion.<br /></div>
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27. The deficit, which is equivalent to 2.16% of<br />Nigeria’s GDP, will take our overall debt profile to<br />14% of our GDP. This remains well within<br />acceptable fiscal limits. Our deficit will be financed<br />by a combination of domestic borrowing of N984<br />billion, and foreign borrowing of N900 billion totaling<br />N1.84 trillion. Over the medium term, we expect to<br />increase revenues and reduce overheads, to bring<br />the fiscal deficit down to 1.3% of GDP by 2018.<br /></div>
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28. In 2016, oil related revenues are expected to<br />contribute N820 billion. Non-oil revenues,<br />comprising Company Income Tax (CIT), Value<br />Added Tax (VAT), Customs and Excise duties, and<br />Federation Account levies, will contribute N1.45<br />trillion. Finally, by enforcing strict compliance with<br />the Fiscal Responsibility Act, 2007 and public<br />expenditure reforms in all MDAs, we have projected<br />up to N1.51 trillion from independent revenues.<br /></div>
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29. Although we are working to diversify our<br />economy, we will not lose sight of the need to<br />restructure the oil and gas sector which has been<br />marred by corruption and plagued with<br />inefficiencies. Accordingly, I have directed the<br />Petroleum Products Pricing Regulatory Agency<br />(PPPRA) to adjust its pricing template to reflect<br />competitive and market driven components. We<br />believe this can lower input costs and attain<br />efficiency savings that will enable PPPRA to keep<br />the selling price for all marketers of petrol at N87<br />per liter for now.<br /></div>
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30. The current fuel scarcity with long queues at<br />petrol stations all over the country causing social<br />dislocation is very unfortunate. Government<br />profoundly apologizes to Nigerians for this<br />prolonged hardship and misery. It is as a result of<br />market speculators and resistance to change by<br />some stakeholders. Government is working very<br />hard to end these shortages and bring fuel to the<br />pumps all over the country. </div>
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31. I have also directed<br />the NNPC to explore alternate funding models that<br />will enable us to honour our obligations in Joint<br />Ventures (JVs) and deep offshore fields. We are<br />confident that these measures can be achieved and<br />will lower the burden that the traditional cash calls<br />have imposed on our budget and cash flows as well<br />as contribute towards shoring up our national<br />reserves.<br /></div>
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32. To deliver our development objectives, we have<br />increased the capital expenditure portion of the<br />budget from N557 billion in the 2015 budget to N1.8<br />trillion, in the 2016 budget. Distinguished and<br />honourable members of the National Assembly, for<br />the first time in many years, capital expenditure will<br />represent 30% of our total budget. In future years<br />we intend to raise the percentage allocation for<br />capital expenditure.<br /></div>
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33. This is a fulfillment of our promise to align<br />expenditure to our long-term objectives, and a sign<br />of government’s commitment to sustainable<br />development. This increased capital expenditure<br />commits significant resources to critical sectors<br />such as Works, Power and Housing – N433.4<br />billion; Transport – N202.0 billion; Special<br />Intervention Programs – N200.0 billion; Defence –<br />N134.6 billion; and Interior – N53.1 billion. These<br />investments in infrastructure and security are<br />meant to support our reforms in the Agriculture,<br />Solid Minerals and other core job creating sectors<br />of our economy.<br /></div>
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34. We will invest to safeguard lives and property.<br /></div>
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35. We will invest in equipping our farmers with the<br />right tools, technology and techniques.<br /></div>
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36. We will invest in empowering and enabling our<br />miners to operate in a safe, secure and humane<br />environment.<br /></div>
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37. We will invest in training our youths, through the<br />revival of our technical and vocational institutions,<br />to ensure they are competent enough to seize the<br />opportunities that will arise from this economic<br />revival.<br /></div>
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38. Indeed, the future looks bright. And I ask that we<br />all work together to make this vision a reality. The<br />223% year on year growth in capital expenditure<br />demonstrates our desire to make Nigeria more<br />competitive, and start the journey to deliver<br />sustainable development in our country.<br /></div>
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39. In fulfillment of our promise to run a lean<br />government, we have proposed a 9% reduction in<br />non-debt recurrent expenditure, from N2.59 trillion<br />in the 2015 Budget to N2.35 trillion in 2016.<br />Furthermore, we have budgeted N300 billion for<br />Special Intervention Programs, which takes the total<br />amount for non-debt recurrent expenditure to N2.65<br />trillion.<br /></div>
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40. As I mentioned earlier, the Efficiency Unit set up<br />by this Administration together with effective<br />implementation of GIFMIS and IPPIS will drive a<br />reduction of overheads by at least 7%, personnel<br />costs by 8% and other service wide votes by 19%.<br />Distinguished and honourable members, this budget<br />will be executed to provide optimum value by<br />ensuring every naira spent by this Government,<br />counts.<br /></div>
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41. We will devote a significant portion of our<br />recurrent expenditure to institutions that provide<br />critical government services. We will spend N369.6<br />billion in Education; N294.5 billion in Defence;<br />N221.7 billion in Health and N145.3 billion in the<br />Ministry of Interior. This will ensure our teachers,<br />armed forces personnel, doctors, nurses, police<br />men, fire fighters, prison service officers and many<br />more critical service providers are paid<br />competitively and on time.<br /></div>
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42. Distinguished and honourable members of the<br />National Assembly, our 2016 borrowings will be<br />principally directed to fund our capital projects.<br />Furthermore, the sum of N113 billion will be set<br />aside for a Sinking Fund towards the retirement of<br />maturing loans; while N1.36 trillion has been<br />provided for foreign and domestic debt service.<br />This calls for prudent management on our part, both<br />of the debt portfolio and the deployment of our hard<br />earned foreign exchange earnings.<br /></div>
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43. I am aware of the problems many Nigerians<br />currently have in accessing foreign exchange for<br />their various purposes – from our traders and<br />business operators who rely on imported inputs; to<br />manufacturers needing to import sophisticated<br />equipment and spare parts; to our airlines operators<br />who need foreign exchange to meet their<br />international regulatory obligations; to the financial<br />services sector and capital markets who are key<br />actors in the global arena.<br /></div>
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44. These are clearly due to the current<br />inadequacies in the supply of foreign exchange to<br />Nigerians who need it. I am however assured by the<br />Governor of Central Bank that the Bank is currently<br />fine-tuning its foreign exchange management to<br />introduce some flexibility and encourage additional<br />inflow of foreign currency to help ease the pressure.<br /></div>
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45. We are carefully assessing our exchange rate<br />regime keeping in mind our willingness to attract<br />foreign investors but at the same time, managing<br />and controlling inflation to level that will not harm<br />the average Nigerians. Nigeria is open for business.<br />But the interest of all Nigerians must be protected.<br />Indeed, tough decisions will have to be made. But<br />this does not necessarily mean increasing the level<br />of pain already being experienced by most<br />Nigerians.<br /></div>
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46. So to the investors, business owners and<br />industrialists, we are aware of your pains. To the<br />farmers, traders and entrepreneurs, we also hear<br />you. The status quo cannot continue. The rent<br />seeking will stop. The artificial current demand will<br />end. Our monetary, fiscal and social development<br />policies are aligned.<br />Conclusion<br /></div>
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47. Mr. Senate President, Mr. Speaker,<br />distinguished members of the National Assembly, in<br />spite of the global economic uncertainties; we must<br />remain steadfast in our commitment to steer this<br />country back to greatness.<br /></div>
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48. The Nigerian economy needs to move away<br />from dependency on oil. Our growth must be<br />inclusive. Nigerians must be part of the growth<br />story. As a Government, we shall deliver security,<br />jobs and infrastructure. This is the right of all<br />Nigerians.<br /></div>
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49. I know many people will say “I have heard this<br />before”. Indeed, trust in Government, due to the<br />abuse and negligence of the past, is at an all-time<br />low. This means we must go back to basics. Our<br />actions will speak for us. My team of dedicated,<br />committed and patriotic Nigerians is well aware of<br />the task ahead and I can assure you that we are<br />taking on the challenge.<br /></div>
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50. We will not betray the trust reposed in us.<br /></div>
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51. We will welcome and be responsive to your<br />feedback and criticisms.<br /></div>
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52. We are here to serve. And indeed, Nigerians will<br />get the service they have longed for and which they<br />rightly deserve.<br /></div>
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53. We as a Government cannot do it alone. We will<br />require the support of all civil servants, the<br />organized labour, industry groups, the press and of<br />course, our religious and traditional institutions.<br />This is a call for all of us to stand and serve our<br />country.<br /></div>
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54. This Budget represents a major step in<br />delivering a new opportunity for Nigeria. It<br />demonstrates our confident optimism that despite<br />the challenging times, we have the will,<br />resourcefulness and commitment to deliver<br />prosperity to our people. And by the Grace of<br />Almighty God and the sheer will and determination<br />of the Nigerian people, we will come out stronger<br />and more united than ever.<br /></div>
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55. Thank you and God bless the Federal Republic<br />of Nigeria.</div>
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FULL TEXT OF PRESIDENT MUHAMMADU BUHARI'S 2016 BUDGET ADDRESS AT THE NATIONAL ASSEMBLY TODAY.

PROTOCOLSI am honoured and privileged to present the 2016#Budget proposal. This is my first address beforethis joint session of the National Assembly. I havecome here today, not only to address membe…

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