Budget Of Change: 7 Things You Should Know About The 2016 Budget

change

President Muhammadu Buhari today presented the 2016 budget dubbed the budget of change to the National Assembly today, 22nd December. INFORMATION NIGERIA has put together 7 things you should know about the budget…

– Following the drastic fall in the price of oil globally which has had a painful impact on the Nigerian economy, this budget focuses on developing the economy via industry, commerce and investment.

– The budget shows the resilience of the Buhari administration to recover all looted funds in order to boost the economy.

– The budget focuses on non-oil revenues by broadening tax base and boosting the effectiveness of revenue collecting agencies.

– The budget focuses on reducing tax rate for small businesses as well as subsidized funding for agriculture and solid minerals, while stimulating the economy to produce jobs, .

– Unlike in past administrations where oil was the main source of revenue, the 2016 budget states that non-oil revenues such as Company Income Tax (CIP), Value Added Tax (VAT), Custom and Excise duty and federation Account levies will contribute N1.45 trillion to the economy.

– Capital expenditure was increased to N1.8 trillion in the 2016 budget as opposed to the N557 billion in the 2015 budget, representing 30% of the national budget the first in many years.

– Non -debt recurrent expenditure has been reduced by 9%, that is 2.59trillion in 2015 to 2.35trillion in 2016.

What’s your thought???

 

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