Finally, Buhari signs 2016 budget

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  • Lagos-Calabar rail project in

  • N5,000 stipend for unemployed youth out

President Muhammadu Buhari finally signed the 2016 budget into law on Friday, May 6, with the controversial Lagos-Calabar coastal rail project being one of the major inclusions.
However, the much touted N5, 000 monthly stipend for one million unemployed graduates was not provided for in the budget. Besides, it was not clear whether provision was made for the Petroleum Support Fund, also known as ‘fuel subsidy’ in the budget.
Though details of the budget were scanty, Nigerian Pilot Saturday scooped from a member of the National Assembly that allocation to the National Assembly which is in the first line charge, was slashed. The initial allocation was N130 billion.
The budget, presented almost six months ago by President Muhammadu Buhari to the National Assembly, suffered subsequent controversies and delay following discovery of alleged duped copy of the original version.
Also, controversies erupted over alleged discrepancies in form of padding and other alarming issues that caused altercation between the Presidency and the National Assembly.
However, the long wait which had palpable adverse effect on Africa’s biggest economy, finally ended yesterday with the eventual signing that was witnessed by the leadership of the National Assembly, some ministers and the chairman of the All Progressives Congress, APC, Chief John Oyegun-Odigie, among other principal officers of government at the Villa.
President Buhari admitted at the signing ceremony that Nigeria was, “experiencing probably the toughest economic times in the history of our nation” but was optimistic that the budget would meet the expectations of the yearning public.
“It is a great pleasure to sign the budget. It is a serious article of faith for the Nigerian people,” the president said at a ceremony attended by ministers, the Senate President and other officials.
“The signing of the budget today will trigger concerted efforts to reflate the Nigerian …Read More

Source:: Nigerian Pilot