FG budgets N6.08tn for 2016, to borrow N1.84tn - Punch

President Muhammadu Buhari on Tuesday presented the 2016 budget proposals of N6.08tn to the joint session of the National Assembly with a commitment that the Federal Government planned to finance the deficit of N2.22tn by borrowing N1.84tn from domestic and foreign sources.

The total budget size of N6.08tn is slightly higher than the N6.04tn contained in the 2016-2018 Medium Term Expenditure Framework, which the President had earlier submitted to the legislature.

Buhari put the revenue projection for the year at N3.86tn, adding that over the medium-term, the government was expecting increased revenues and reduction in overheads to bring the fiscal deficit down to 1.3 per cent of the Gross Domestic Product by 2018.

The President said, “The deficit, which is equivalent to 2.16 per cent of Nigeria’s GDP, will take our overall debt profile to 14 per cent of our GDP. This remains well within acceptable fiscal limits.

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