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Nigeria to adopt revised 2016 budget on March 17

Nigeria to adopt revised 2016 budget on March 17

Nigeria

Nigeria’s Parliament is expected to adopt this year’s budget on the 17th of March after the initial one was rejected for a few changes to be made.

The President in December presented a record $30 billion budget but asked for its withdrawal in January to make changes after a further drop in oil prices forced the deficit up to 3 trillion Naira ($15 billion) from 2.2 trillion.

“We should be able to lay our report of the 2016 Appropriation Bill before the House and the Senate on 16th of March,” Abdulmumin Jibrin, who chairs the budget committee in the lower house said.

We should be able to lay our report of the 2016 Appropriation Bill before the House and the Senate on 16th of March

He added that parliament was expected to finish considering the budget’s contents by the end of the following day. “So it is safe for us to conclude that the 2016 Appropriation Bill will be passed on the 17th of March,” he emphasized.

Amongst key things the president is likely to focus on in his budget is the implementable and transparent conditional cash transfer program: “This is for the poorest vulnerable Nigerians whose data are currently being compiled, Mr. Buhari said; and will be implemented through the office of the vice president.

He added that the program would be implemented in phases. Already, the president had indicated in the Medium Term Expenditure Framework 2016-2018 the allocation of N500 billion to fund a social security program.

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