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???