Home News After Signing 2016 Budget, Buhari Orders Immediate Release of N350bn for Capital...

After Signing 2016 Budget, Buhari Orders Immediate Release of N350bn for Capital Projects


President Muhammadu Buhari has promised the immediate release of N350 billion into the economy in order to reflate it.
The money will be for capital projects.
The President revealed these on Friday in his speech at the 2016 Budget signing ceremony at the Presidential Villa, Abuja.
He said unlike the President Goodluck Jonathan administration that budgeted N18 billion for roads, the present budget has N200 billion provision for the sector.
He said: “The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of N350 billion into the economy by way of capital projects.
“To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200 billion to road construction as against a paltry N18 billion allocated for same purpose in the 2015 budget.”
The President, who praised the leadership of the National Assembly, Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara, equally landed Nigerians for their patience while the consideration of the 2016 Budget lasted.
Buhari said: “The budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people. This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year.
“Through the 2016 budget, aptly titled “Budget of Change”, the government seeks to fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06trn. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning.”
President Buhari, who hammered on the fact that his administration would no relent in the fight against corruption, also spoke of the intensification of efforts to diversify the economy.
He said: “We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use. We intend to create the environment for our young peoples to be able to innovate and create jobs through technology.
“I cannot promise you that this will be an easy journey, but in the interest of so much and so many we must tread this difficult path.  I can assure you that this government you have freely elected will work with honesty and dedication, day and night to ensure that our country prospers and that the prosperity benefits all Nigerians.”


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