Nigeria 2016 Budget Breakdown as presented by President Muhammadu Buhari
Federal Government to spend N1.8 trillion on Capital Expenditure
President Muhammadu Buhari said on Tuesday in his 2016 budget speech delivered at the Joint session of the National Assembly that it was the intention of government to raise the percentage allocation for capital expenditure in the future.
“To deliver our development objectives, we have increased the capital expenditure portion of the budget from N557 billion in the 2015 budget to N1.8 trillion in the 2016 budget. “For the first time in many years, capital expenditure will represent 30 per cent of our total budget. “In future years, we intend to raise the percentage allocation for capital expenditure,’’ he said.
Buhari said that the measure became necessary in fulfillment of the government’s promise to align expenditure to long-term objectives and government’s commitment to sustainable development. According to him, this increased in capital expenditure commits significant resources to critical sectors such as Works, Power and Housing to the tune of N433.4 billion.
A Further breakdown of the budget shows that:
Transport: N202.0 billion
Special Intervention Programmes: – N200.0 billion
Defence: – N294.5 billion;
Interior: – N145.3 billion.
Health: – N221.7bn
Education: – N369.6 billion
Foreign and domestic debt servicing: – N1.36 trillion
