An old-fashioned expansionary budget
​The FGN has submitted an expansionary budget for 2016 in an effort to reverse the slowdown in the economy, unlike its counterparts in Ghana and Kenya. In its favour it has set a deficit of N2.22trn (US$11.3bn), equivalent to 2.2% of GDP, whereas Kenya’s is approaching 8% and Ghana has gone cap-in-hand to the IMF. The core of the FGN proposals, subject to the agreement of the National Assembly, is capital spending of N1.85trn (including the capital element of statutory transfers and interest on capitalized loans). In terms of the FGN’s plans for social investment, the proposals include “special interventions†of N300bn and N260bn under recurrent and capital spending respectively.
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