2016 budget will strengthen the naira

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Nigeria's currency, the naira

Nigeria’s currency, the naira

AProf. Park Idisi of the Department of Agriculture, University of Abuja, on Saturday said the 2016 budget would increase exports that would strengthen the country’s currency.

Idisi told the News Agency of Nigeria (NAN) in Abuja that although the naira had lost its value against the dollar and other foreign currencies, it would soon gain its strength through exports.

He said that the 2016 budget signed by President Muhammadu Buhari would alleviate hardship as there would be cash flow in the economy and businesses would start booming.

“The government’s physical operations will commence again, such as road constructions, agriculture and other important projects that will create job opportunities for the youths.

“The budget was first of its kind in the history of Nigeria, it will touch every sector and even producers of goods and services will get patronage.

“Although the budget was signed late by the president, many activities will soon commence,” he said.

He recalled that the president had said that Nigeria would no longer borrow part of the money needed for the budget as he was able to raise funds from other sources.

“Mr President said that he has gotten enough capital for the budget, which means the budget will be run on a balance and surplus platform.”

He urged the Federal Government to start preparation for the 2017 budget to avoid delay that occurred in this year’s budget.

Alhaji Sanusi Mohammed, the Secretary General, African Iron and Steel Association noted that the 2016 budget did not provide any capital allocation for the entire steel sector.

Sanusi urged the president to present a supplementary budget within the year to rectify the anomaly.

Mr Hashim Salawudeen, the Programme Officer, Civil Society Legislative and Advocacy Centre (CISLAC) said that the budget came at the time when preparation for the 2017 budget should have started.

He said that lessons had …Read More

Source:: PM Newspaper