Uncovered: How Buhari Plans To Spend N8Trn in 2016

Amid outcry over lean revenue, the All Progressives Congress (APC) led Nigeria’s government is proposing a budget of 7 to 8 trillion Naira for 2016, up from 4.4 trillion in 2015.

The proposed budgetary expenditure was contained in a document from the office of Vice President Yemi Osinbajo seen by Reuters on Friday.

The document, used as the basis for a presentation by Osinbajo to the cabinet during a two-day retreat, proposed capital expenditure of 2 trillion Naira next year, up from 1.3 trillion Naira in 2015, but did not say how it would be funded.

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However, The Street Reporters gathered that the document presented to the minister-designates, bearing the title “The Economy – Where We Are Today”, laid out the extent to which the country has been hit by plunging oil prices, stating that in May foreign reserves hit a 10-year low of $29.6billion.

A page headed “How can we get out of a possible recession?” outlined the need for a “massive infrastructure building” programme for roads, rail and power, along with “expansionist” fiscal and monetary policies.

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The presentation by Osinbajo, who heads the National Economic Council (NEC), stated that this would be paid for by a N25billion infrastructure fund and a N2.5trillion “special intervention fund”.

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