Breakdown of Nigeria’s 2016 Budget

The Breakdown of Nigeria’s 2016 Budget is currently based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

Breakdown of Nigeria’s 2016 Budget for different sectors

GDP Growth Rate Projection4.37%
Revenue Projection3.86 Naira
Deficit2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues820 billion Naira
Non-oil Revenues1.45 trillion Naira
 Projected Independent Revenues1.51 trillion Naira
Capital Expenditure1.8 trillion Naira (30%  of total budget)
Works, Power and Housing433.4 billion Naira
Transport202.0 billion Naira
Interior53.1 billion Naira
Special Intervention Programs300 billion Naira
Education369.6 billion Naira
Defence294.5 billion Naira
Health221.7 billion Naira
Ministry of Interior145.3 billion Naira
Foreign and Domestic Debt Service1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans113 billion Naira
Non-debt Recurrent Expenditure2.65 trillion Naira

ALSO READ: FULL LIST OF BUDGETS OF NIGERIAN STATES 2016

Things to Note on the Breakdown of Nigeria’s 2016 Budget:

Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.

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Source: Channels TV

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