President Muhammadu Buhari is presenting Nigeria’s 2016 budget at the National Assembly today.
With an unstable Naira and falling oil prices, the 2016 budget is seen as the biggest indicator of Nigeria’s economic direction.
Already, the budget will have to grapple with harsh realities with crude oil falling to $31 even though the benchmark price provided in the budget is $38.
There is no doubt that a stronger focus on other aspects of the economy is well as reducing recurrent expenditure are the major themes of the budget.
The Federal executive Council approved the draft budget of N6.08 trillion, Nigeria’s largest budget in recent times.
Despite initial speculations, it appears that the Federal Goverment will continue to pay subsidy in 2016.
Upon presenting it to the National Assembly, the budget will be ratified by the Nigerian legislature.