BREAKING; Senate Finally Passes The 2016 Budget

The Senate has passed the 2016 Appropriation Bill. The Senate Committee on Appropriation is presenting a budget of 6.06 trillion Naira budget to the Senate for passage. In the report, the Committee of Appropriation has set recurrent expenditure at 2.6 trillion, capital expenditure at 1.5 trillion and fiscal deficit at 2.2 trillion.

The Committee observed that the executive presented the budget late to the National Assembly and this has subsequently delayed the passage.The Committee also noted that the budget, as presented by the executive, was fraught with inconsistencies as some Ministers disowned their budgets.

The Committee is recommending that going forward, the Budget Office must work with MDA’s in preparing the budget to avoid the problem of inadequate revenue for MDA’s.