FG Proposes N6 trillion budget for 2016

Six trillion naira budget was the outcome of yesterday’s 3-hour emergency meeting of the Federal Executive Council (FEC) chaired by Pres Buhari.

The Budget and National Planning Minister, Udoma Udo Udoma, sai

d the council also approved the Medium Term Expenditure Framework for the 2016 budget.
According to him, this sets up the policies of government over the next 3 years. He said that 30% of the budget would go into capital projects with a view to addressing the nation’s infrastructure deficit.

He added that the FG hope to fund the budget by increasing non-oil revenue and from funds generated by government agencies, especially the Federal Inland Revenue Service. The council also projected and was working with $38 crude oil price