Breakdown Of Nigeria’s 2016 Budget

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Nigeria’s President, Muhammadu Buhari, on Tuesday presented a 2016 budget proposal of 6.07 trillion Naira.

Nigeria’s 2016 Budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

GDP Growth Rate Projection	4.37%
Revenue Projection	3.86 Naira
Deficit	2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues	820 billion Naira
Non-oil Revenues	1.45 trillion Naira
Projected Independent Revenues	1.51 trillion Naira
Capital Expenditure	1.8 trillion Naira (30%  of total budget)
Works, Power and Housing	433.4 billion Naira
Transport	202.0 billion Naira
Interior	53.1 billion Naira
Special Intervention Programs	300 billion Naira
Education	369.6 billion Naira
Defence	294.5 billion Naira
Health	221.7 billion Naira
Ministry of Interior	145.3 billion Naira
Foreign and Domestic Debt Service	1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans	113 billion Naira
Non-debt Recurrent Expenditure	2.65 trillion Naira

Note:

Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.