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Sunday, January 17, 2016

President Buhari Seeks Withdrawal Of Budget 2016

New details on the withdrawal of the ‘Budget of Change’ from the National Assembly have emerged. President Muhammadu Buhari has forwarded an official letter addressed to Bukola Saraki, the Senate president, and Yakubu Dogara, the speaker of the House of Representatives, asking for adjustments.
The formal request finally settles the controversy over ‘missing’ or ‘stolen’ original budget document that started on Tuesday, January 12, when the legislators resumed after the festive season.
Ekweremadu was on hand to welcome President Muhammadu Buhari to the National Assembly, when the president came to present the 2016 budget to the legislators.
According to Thisday, after presenting the 2016 budget to the NASS President Buhari had discovered that some of the figures
proposed were incredibly high. They were widely discussed by Nigerians and in press, with the emphasis that the new administration is no different from Goodluck Jonathan’s team.
Therefore, the figures for the office of the president, vice president, and a few ministries, are reportedly subject to a review in the first place.

The 2016 Appropriation Bill was  on December 22, 2015. It contained the benchmark oil price of USD38 per barrel.
However, oil prices fell below USD30 per barrel on Friday, January 15, with little sign of revival. This is one of the major factors that will affect Nigeria’s economy in 2016.