Overview

The document is the Fourth Quarter and Consolidated Budget Implementation Report (BIR) for 2016, published by the Budget Office of the Federation under the Ministry of Budget and National Planning. It provides a detailed account of the allocation and utilization of public resources by Government Agencies during the fourth quarter and the entire 2016 fiscal year. The report serves as an evaluation tool for government objectives outlined in the Six Pillars of the Strategic Implementation Plan (SIP) of the 2016 Budget, themed 'Budget of Change'. This budget aimed to reflate and reposition the Nigerian economy towards sustainable growth, providing stimulus and support for the poor and vulnerable. The report complies with Sections 30 and 50 of the Fiscal Responsibility Act, 2007, mandating periodic reports to the Joint Finance Committee of the National Assembly and the Fiscal Responsibility Council, with public dissemination via media. It highlights challenges from Nigeria's high exposure to global economic developments, with a trade-to-GDP ratio of 59.21% and heavy reliance on oil revenues (51% of total revenues), crude oil exports accounting for over 92% of export revenues from 2008-2015. The slump in crude oil prices and production disruptions in the Niger Delta severely impacted socio-economic performance, exerting pressure on currency, output, and revenue. Despite these challenges, budget implementation focused on priority sectors. The report is a product of collaboration between the Budget Office, National Monitoring and Evaluation Department, and other MDAs, with acknowledgments to the Joint Finance Committee and Fiscal Responsibility Commission for upholding public financial management best practices.

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