State of budget, by Presidency

The 2016 Budget is still in the works, the
Presidency has said.
A top official said the media speculations about
the allocations to Ministries, Departments and
Agencies (MDAs) are incorrect because the final
tally of such allocations is still being tinkered
with by the Ministry of Budget and Economic
Planning.
The official said: “Some of the figures being
bandied in news reports are probably from some
of the working documents which officials of the
ministry are working with.”
President Muhammadu Buhari on December 29,
last year presented a budget estimate of N6.08
trillion to a joint sitting of the National Assembly.
The budget is predicated on a capital
expenditure of N1.8 trillion – an increase of over
300 per cent from the 2015 vote of N557 billion.
Other highlights of the budget are: Recurrent
expenditure slashed to 70%, a deficit of N1.8
trillion to be financed by domestic and foreign
borrowings.
It also projects the recovery of N350 billion
looted cash, pegs oil benchmark at $38 per
barrel and fixes the exchange rate at N198/$.
The budget expects a Gross Domestic Product
(GDP) growth rate of 4.37 per cent.
Some of the reports on the budget in the media
indicate that the government intends to spend
N39 billion in running the Office of the President
with major allocations going to BMW cars
purchase at N3.9 billion and N189 million to
change tyres for some specified vehicles in the
Presidency.
The Presidency has also been reported to have
allocated about N1.4 billion to presidential
travels.
The State House has also been reported to have
estimated N27 billion for foodstuff.
The reports also state that the State House plans
to spend N27. 5 million on computers and N764.7
million on recreational activities.
The Senior Special Assistant to the President on
Media, Mallam Garba Shehu, urged the media to
exercise patience until the National Assembly
gets the details of the budget.
Shehu said: “When the National Assembly returns
from recess, the lawmakers will be given the full
estimates of the budget, including what is voted
for each department, ministries and agencies.
What is voted for the State House will also be
included.
“Some of these figures being quoted are strange
to us.”