Overview

The document is a presentation by Senator Udoma Udo Udoma, Honourable Minister of Budget and National Planning, on the 2016 Budget and Strategic Implementation Plan for the Federal Republic of Nigeria, delivered on 12th May 2016. The presentation covers a review of the 2015 budget performance, the background to the 2016 budget including global and domestic economic challenges, and the approach to the 2016 Budget of Change. Key details include: the 2015 budget was based on $53pb oil price, 2.2782mbpd production, and N190/$ exchange rate; actual revenue was N2,745.68 billion against revised projection of N2,855.80 billion; total expenditure budgeted was N5,067.89 billion with a deficit of N2,212.10 billion (2.31% of GDP); 94% of aggregate budget was spent by December 2015; capital expenditure was only 11% of the budget, with 73% utilized. The 2016 budget was prepared amid declining oil prices (from $114/bbl in June 2014 to about $38/bbl by Dec 2015), global economic slowdown, domestic challenges like insurgency in the North East, high unemployment, and infrastructure deficits. The budget aims to address these through a change approach, focusing on capital expenditure to stimulate the economy.

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