BREAKING NEWS: President Buhari Signs 2016 Budget
The President has signed the 2016 budget into law.
He signing ceremony took place in the presence of the Vice President, Professor Yemi Osinbajo, and the chairmen of the National Assembly appropriation committees who had arrived the Presidency for the signing ceremony.
Today’s event comes after the National Assembly submitted a clean copy of the budget to the President.
The President had withheld assent after some alterations were noticed in the document.
The government announced yesterday it had mapped out 34 strategic priority programmes and projects it intended to achieve with the 2016 budget.
These include a capital spend minimum of 30% annually, an appropriate and predictable exchange regime by the end of 2016, increased low interest lending rate of 9%, self-sufficiency in tomato paste in 2016 and rice production by 2018.
It also plans to increase local production of maize, soya beans, poultry and livestock and to stop import.