Senate Passes 2016 Budget

The Senate has passed the 2016 budget.

The Senate Committee on Appropriation presented a budget of 6.06 trillion Naira to the Senate for passage.

In the report, the Committee of Appropriation set recurrent expenditure at 2.6 trillion Naira, capital expenditure at 1.5 trillion Naira and fiscal deficit at 2.2 trillion Naira.

The Committee observed that the executive presented the budget late to the National Assembly and this had subsequently delayed the passage.

The Committee also noted that the budget, as presented by the executive, was fraught with inconsistencies, as some Ministers disowned their budgets.

The Committee is recommending that, going forward, the Budget Office must work with Ministries Departments and Agencies (MDAs) in preparing the budget to avoid the problem of inadequate revenue for MDAs.