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Wednesday, December 9, 2015
Nigeria has set its budget for 2016, allocating six trillion naira for the budget, according to the country’s planning minister Udoma Udo Udoma. Of the six trillion naira, 30% will be used for capital expenditure.
Udoma said the cabinet, when setting the budget, was assuming a conservative oil price of $38 a barrel and oil production at 2.2 million barrels per day. Lawmakers passed the 2015 budget at $53 a barrel in April.
“(The cabinet) today approved a medium-term framework for three years…It will be submitted to the National Assembly…We are projecting a 30 percent capital budget for next year,” the minister said after a cabinet meeting.
Included in the budget is 500 billion naira directed toward social welfare programs. “The federal government will collaborate with state governments to institute well-structured social welfare intervention programs,” stated the Medium Term Expenditure Framework for 2016-2019, which is now with lawmakers. Included in this is unemployment payments and free meals for school children.
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