Good Morning Nigeria: Some overtures from proposed 2016 budget
​Some overtures from proposed 2016 budget
On Monday, the minister of budget and national planning, Udo Udoma, disclosed that the Federal Executive Council has decided on a N6trn (US$30bn at current interbank rates) budget for 2016. The headline figure for total spending is significantly higher than N4.6trn approved for 2015. The benchmark oil price was set at US$38/b, 28% lower than the benchmark in 2015 of US$53/b, and the fx rate at the CBN’s official rate of N198/US$. The full details have not been released into the public domain so we are dependent upon accounts in the newswires. This is a very expansionary budget. We suspect it signals the government’s belief that the economy requires a jumpstart given the sobering GDP growth figures of late: 2.8% y/y in Q3 2015.
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