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Federal Government plans seven to eight trillion naira budget for 2016

The Federal Government is currently working on the 2016 budget that will be between seven trillion and eight trillion naira. Against the 2015 budget of four point four trillion naira.

Vice President Yemi Osinbajo disclosed this in a paper entitled: ‘The economy – Where we are today’, which he delivered at a presidential retreat organized by the Office of the Secretary to the Government of the Federation for ministers-designate.

The retreat, which ends today, is holding behind closed-doors inside the old Banquet Hall of the Presidential Villa, Abuja, and has ‘Delivering change: From precepts to practice’ as its theme.

In a paper obtained by Newsmen, Vice President, Yemi Osinbajo told audience that the government was working towards pegging capital expenditure in the 2016 budget at two trillion naira.

This, he said, was against the one point thirty-one trillion naira allocated to capital expenditure in this year’s budget.

The Vice President said, the budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year.

The vice president also disclosed that six hundred and fifty-five Ministries, Departments and Agencies of the Federal Government had so far registered for the Treasury Single Account domiciled with the Central Bank of Nigeria.

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