‘Proposed 2016 budget will be N7tn to N8tn,’ Vice President says

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November 6, 2015 12:02 PM

Osinbajo made the disclosure on Thursday, November 5, 2015, while delivering a paper titled ‘The economy – Where we are today’, during the presidential retreat organised for ministers-in-waiting in Abuja.

Vice President, Yemi Osinbajo

The Nigerian government is proposing a budget of about N8 trillion for 2016, Vice President, Yemi Osinbajo has said.

“The budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year. For the Medium Term Expenditure Framework, the actual 2015 budget is N4.4tn, while the proposed 2016 budget will be N7tn to N8tn,” Osinbajo said.

“Capital expenditure for the 2015 budget is N1.31tn, while the proposed capital expenditure for 2016 is N2tn,” he added.

The retreat is currently holding at the Transcorp Hilton Hotel and is expected to end today, November 6.

READ: No more Naira devaluation - Osinbajo

The Senate concluded the screening and confirmation of President Muhammadu Buhari’s 36 ministerial nominees on October 29.

READ: Buhari holds retreat for ministerial candidates [PHOTOS]

It’s not yet clear when they’ll be sworn in.

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