Economic Diversification Is The Key In Nigeria’s Proposed 2016 Budget – Buhari

The proposed 2016 budget presented at the National Assembly today by President Muhammadu Buhari has generated a lot of conversations.

Understandably, the proposed budget is expected to serve as a road map of sorts for the next one year.

Nigeria’s current reality is dire, falling oil prices and a weak currency means that the economy is slowing down.

Successive administrations have paid lip service to diversifying Nigeria’s oil dependent economy. However, Nigeria’s proposed 2016 budget seeks to do what had been attempted severally.

At N6.08 Trillion, the budget sees an increase in Capital expenditure as 30% of the proposed budget is for capital expenditure.

President Buhari assured Nigerians of his administration’s commitment.

“Fellow Nigerians, the confidence of many might be shaken. However, I stand before you today promising that we will secure our country, rebuild our economy, and make the Federal Republic of Nigeria stronger than it has ever been.”

In admitting that the primary focus of the proposed budget is the economy, the President said, “This Budget proposal, the first by our Government, seeks to stimulate the economy, making it more competitive by focusing on infrastructural development; delivering inclusive growth; and prioritizing the welfare of Nigerians. We believe that this budget, while helping industry, commerce and investment to pick up, will as a matter of urgency, address the immediate problems of youth unemployment and the terrible living conditions of the extremely poor and vulnerable Nigerians.”

It is also worthy of note that the proposed budget sets aside N396 billion for education even as rumors of yet another ASUU strike gains momentum.

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