Sunday, 17 January 2016
Budget 2016: President Buhari Writes To NASS, Seeks Withdrawal Of Appropriation Bill
of Representatives, asking for adjustments.
The formal request finally settles the controversy over ‘missing’ or ‘stolen’ original budget document that started on Tuesday, January 12, when the legislators resumed after the festive season.
According to Thisday, after presenting the 2016 budget to the NASS President Buhari had discovered that some of the figures proposed were incredibly high. They were widely discussed by Nigerians and in press, with the emphasis that the new administration is no different from Goodluck Jonathan’s team.
Therefore, the figures for the office of the president, vice president, and a few ministries, are reportedly subject to a review in the first place.
The 2016 Appropriation Bill was presented to a joint session of the federal legislature by President Buhari on December 22, 2015. It contained the benchmark oil price of USD38 per barrel.
However, oil prices fell below USD30 per barrel on Friday, January 15, with little sign of revival. This is one of the major factors that will affect Nigeria’s economy in 2016.