We made errors in 2016 budget – Presidency

By Aiyeku Timothy January 18, 2016 12:37

We made errors in 2016 budget – Presidency

President Muhammadu Buhari has formally written to the National Assembly on the controversy trailing the 2016 budget, Daily Trust has confirmed.

Buhari had submitted the 2016 appropriation bill at a joint session of the National Assembly on December 22nd, 2015.

Sources at the presidency hinted at errors in the budget which included a tripling of capital expenditure following the fall in crude oil prices, among other several areas that needed amendment.

“Mr President has written to the Senate and the House of Representatives to withdraw the 2016 budget to enable him to affect some amendments following the further dwindling price of oil among other areas,” said a presidency source, speaking on the condition of anonymity.

Earlier, it was reported that the presidency had withdrawn the budget, but the Minister of Information and Culture, Lai Mohammed dispelled the report.

Buhari had proposed a budget proposal of N6.08 trillion, with a deficit of 2.2 trillion naira ($11 billion) and an oil bench mark of $38 per barrel.

With Brent crude now trading below $30 a barrel and experts predicting further decline, the 2016 budget assumptions have been termed unrealistic.

Recall that the 2016 Budget was reportedly missing at the National Assembly, with the Senate accusing Buhari’s Senior Special Assistant on National Assembly Matters, Senator Ita Enang, of tampering with the budget.

See: Buhari’s SSA smuggled “Fake budget” into National Assembly – Senate

Enang hinted on Sunday that a message had been sent to the National Assembly.

“Mr President has sent a communication to the National Assembly on the 2016 Budget,” said Enang. “The content will be read on the floor in plenary.” He added that the reading would take place on Tuesday.