The details of the 2016 budget presented by the Nigerian President yesterday,is as follows:
I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of
the National Assembly. I have come here today, not only to address members of the National Assembly, but also to
speak directly to the men and women who placed us here.
2. I know the state of our economy is a source of concern for many. This has been further worsened by the unbridled
corruption and security challenges we have faced in the last few years. From those who have lost their jobs, to those
young people who have never had a job, to the people in the North East whose families and businesses were destroyed
by insurgents, this has been a difficult period in our nation’s history, lessons that we must not forget or ignore, as we
plan for the future.
3. By June 2014, oil prices averaged $112 per barrel. But as at today, the price is under $39 per barrel. This huge
decline is having a painful effect on our economy. Consumption has declined at all levels. In both the private and public
sectors, employers have struggled to meet their salary and other employee related obligations. The small business
owners and traders have been particularly hard hit by this state of affairs.
4. 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.
5. The answers to our problems are not beyond us. They exist on our farmlands; our corporations; in the universities in
the hearts and minds of our entrepreneurs; through the gallantry of our Armed Forces; and the resolute spirit of
Nigerians, especially the youth, who have refused to give up despite all the obstacles confronting them.
6. 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 livin