. Distinguished and honourable members of the
emerging market growth rates, our domestic security challenges, declining oil prices, and the attendant di webapex.net fficulties in providing foreign exchange to meet market demands, the Nigerian economy grew by 2.84% in the third quarter of 2015.
9. We have, and will
continue to implement strategies that will maintain macroeconomic stability and
manage the oil price shocks we are experiencing.
10. Upon the
inaugur
westernmagazine.org ation of this administration on 29th May 2015, we engaged key
stakeholders from various sectors of our economy and interfaced with the heads
of Ministries, Departments and Agencies (MDAs) in order to understand the true
state of our nation. What we found prompted us to take certain strategic
decisions.
11. On the economy, we
injected new leadership at the helm of our revenue generating agencies
including the
ysin.org
Federal Inland Revenue Service (FIRS), Nigerian National
Petroleum Corporation (NNPC), Nigerian Communications Commission (NCC), and the
Nigerian Customs Service (NCS). We implemented the Treasury Single Account (TSA)
which, so far, has provided greater visibility of Government revenues and cash
flows. We intervened to support States to navigate their fiscal challenges by
restructuring their commercial bank loans and by providing facilities to enable
them to pay salary arrears.
12. We have demonstrated
a strong will to fight corruption. I am sure you will agree that the sheer
scale of corruption and impunity of the past explains in part, the economic
challenges we now face. On these initiatives, and the many more to come, we
shall not be deterred. We will pursue the recovery of everything that belongs
to the people of Nigeria. No matter where it is hidden. No matter how long it
will take.
2015 Budget Performance
13. Distinguished and
honourable members of the National Assembly, I now present a review of the 2015
Budget. That Budget was based on a benchmark oil price of $53 per barrel, oil
production of 2.28 million barrels per day and an exchange rate of N190 to the
US$.
14. The projected
revenue was N3.45 trillion, with an outlay of N4.49 trillion, implying a
deficit of N1.04 trillion. Due largely to under-provisioning by the previous
administration for fuel subsidy and the costs required to support the military
operations in the North East, the Government had to obtain National Assembly’s
approval for a supplementary budget of N575.5 billion. I take this opportunity
to thank all members of the National Assembly for the prompt passage of that
Bill.
2016: Budget Assumptions
15. After reviewing the
trends in the global oil industry, we have set a benchmark price of $38 per
barrel and a production estimate of 2.2 million barrels per day for 2016. We
have focused on non-oil revenues by broadening our tax base and improving the
effectiveness of our revenue collecting agencies.
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