Was Nigerian budget 2016 finally turned into a law? Find out now.
Almost three months of 2016 have elapsed and Nigeria still had no budget for the year. Finally today Nigerian Senate has passed it! Let’s see what it has to offer.
Key Nigerian budget 2016 takeaways
- Total sum planned for 2016 – 6.06 trn naira (reduced from N6.07 trn)
- Senate considers this budget rather controversial
- It was presented and reported by Danjuma Goje (senate committee chairman)
- Unfortunately the committee would not be able to clear up all the lapses in the budget, so it had to be voted as it is
- Budget exchange rate is adopted at N197 (naira to dollar)
- Oil production level is set at 2.2 million BPD
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Hopefully passing of the Nigeria budget 2016 would help government and CBN to stabilize the situation in Nigeria and its economy. Over the last weeks exchange rate naira to dollar has been making considerable jumps and inflation of naira almost got out of control. We will see how the situation changes over the nearest future.