Nigerian Senate Passes 2016 Budget

The 8th Senate in its session at the National Assembly, has officially passed the N6.08 trillion budget for 2016 on Wednesday, 23 March, with an unprecedented reduction in the budget’s total.

It can be recalled that in December 2015, the budget proposal presented to a joint session of the national assembly by President Muhammadu Buhari. was N6.08 trillion.

A total of N351 billion was for statutory transfers, N2.8 trillion for recurrent expenditure and N1.8 trillion for capital expenditure.

The senate, however, reduced the total budget sum from N6.08 trillion to N6.06 trillion: N351 billion for statutory transfers, N1.4 tilliorn for debt service, N2.6 trillion for recurrent expenditure, and N1.5 trillion as capital expenditure.

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