The Federal Executive Council (FEC) presided by President Muhammadu Buhari on Monday approved N6 trillion expenditure for 2016 Budget under the Medium Term Expenditure Framework (MTEF).

The FEC after three hours meeting approved the three-year MTEF.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, spoke with State House correspondents at the end of the meeting.

He was accompanied by the Minister of Information, Lai Mohammed and Minister of State for Budget and National Planning, Zainab Ahmed.

According to him, an oil price of $38 per barrel of crude oil and 2.2 million production barrels per day were projected in the framework.

Source: http://thenationonlineng.net/mtef-fec-approves-n6tr-expenditure-for-2016/

I thought the set of confused people said it gonna be 8 trillion

This poster ^ has something to say..

ALL IS WELL

8 trillion was initially proposed For 2016, now it's 6 trillion during the FEC meeting presided over by PMB. After the review by the NASS, it might further slump down to 4 trillion. We are watching in 3D as usual.

Looks like Nigerian fiscal policy is going to go the Osun way, i.e., debt fuelled spending. I say this because fiscal revenue remains disappointing 6 months into the new regime. If revenues next year would be high enough to meet such spending, it should be happening already.

wailers food is ready

i will recommend 30 dollars /barrel as budget benchmark, instead of 38 dollars per barrel. As at today, oil is now under 40 dollars /barrel, it has achieved a 11 year low(since 2004), and i see it going towards 25 dollars/barrel, iran will be pumping more fuel in to the oil export market in 2016. Nigeria must look beyond oil to a great extent in 2016.

Where is lalasticlala sef?

Space booked

Elslim:
wailers food is ready

this wan go sweet so?

4Play:
Looks like Nigerian fiscal policy is going to go the Osun way, i.e., debt fuelled spending. I say this because fiscal revenue remains disappointing 6 months into the new regime. If revenues next year would be high enough to meet such spending, it should be happening already.

Devalue the currency and borrow...

That is the most likely way.

38 dollars what?? O my God Nigeria is finished, so apart from oil nothing to fall back on. PDP! PDP!! PDP!!! U see what u ve caused.

The Change is becoming clearer as the day goes on

All we need is change

Good

I predicted it my thread that the 2016 budget will be about 6-7 trillion.
https://www.nairaland.com/2272158/how-buharis-tenure-end-2019

How about a breakdown?

I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira - is truly remarkable.

How GEJ (with benchmark oil price of over $75 throughout his term) was not able to come up with a budget of up to N5T beggars belief. One can now say without equivocation that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

How much did the Otuoke man run with annually? The man who jacked up defence budget from $1B to $4B annually and still needed to shift election for marcineries to come fight BH.
Buhari show them how with intergrity small 'change' can be used to effect real Change.

And there's no money. God dey

About 15 Percent Of That Sum (1.4trn) Will Be Coming From The Coffers Of Empty Hen [sic].

#NaJokeO

You're a realjoker

realjoker:
Space booked

SeverusSnape:
I thought the set of confused people said it gonna be 8 trillion

Always wailing....wail on bro,it is in you..

Bevista:
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA.

But how did GEJ, with benchmark oil price of over $75 throughout his term, not be able to come up with a budget of up to N5T? One can say that, had PMB met an oil price of $75, we would be taking about a N10T budget.

Let's wait till this administration achieve the 6T budget before we question why GEJ did that or this..





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SeverusSnape:
I thought the set of confused people said it gonna be 8 trillion

A N6trillion budget with a $38 crude benchmark show genuine honesty and sincerity when compared to the N4trillion budget we had for 5 years under GEJ with crude oil benchmark averaging $70.

With this bench mark I think N6trn is impressive....

How come it's exactly 6 trillion? Maybe the billions and millions on top means nothing to them. This budget is inconclusive on arrival. Common sense would ve been when benchmark was 75 dollar per barrel, budget was 4.75trillion. When it's now 38, budget would have been divided by 2 to give 2.37 trillion approximately. Only in this govt we see dwindling oil prices and high budget figures at the same time. Wonders ll never seize in Naija.

Bevista:
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA.

But how did GEJ, with benchmark oil price of over $75 throughout his term, not be able to come up with a budget of up to N5T? One can say that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, Real oil price was actually higher ($105) than budget benchmark and yet our Foreign Reserves and ECA was declining.

Okonjo Iweala and Jonathan are the biggest criminals to have governed this country. Close to 50% of our earnings was undisclosed and kept away from the national budget. They simply mismanaged trillions of naira without budgetary appropriation.

Even with the N4trillion estimate, our budget never performed beyond 50% at best. Though we have not seen the breakdown of how the N6trillion PMB budget will be funded, what is obvious to all discerning mind is that we now have a president who will not hide away the country's revenue earnings. All loopholes of revenue misappropriation is being blocked. The era of extra budgetary spending is over as all revenues generated will be brought to account in the national budget.

What is budget actually? What we have is estimate for now. Let see what happens in the red chambers. They ll soon come out to deny this figure.

I guess the budget will be directed more towards diversification of the economy