Wednesday, May 18, 2016 8.01AM / News
The 2016 Appropriation Act passed by the National Assembly and officially signed by the President on the 6th of May, 2016 is now available. View HERE.
The Act allows and authorizes the release of N6.06 trn from the Consolidated Revenue Fund. The capital expenditure for the year 2016 budget was put at N1.59 trn while N2.65 trn was earmarked for Recurrent Expenditure.
Other appropriations in the budget are N351.37bn for Statutory Transfers, N1.48 trn for debt servicing with both domestic and foreign debts gulping N1.36 trn altogether while N113.44 bln will be for sinking funds to retire maturing loans.
The 2016 Appropriation Act is based on $38 per barrel oil price and oil production put at 2.22 mbpd. Government revenue projection for 2016 is put at N3.86 trn while government will result to borrowing of about N2.2 trn to finance the deficit in the 2016 budget.
The N3.86 trn revenue projection is expected to come from the following areas; Independent revenue - N1.5 trn, Company Income Tax - N867 bn, Oil related revenue - N820bn, VAT – N198bn and Customs Duties – N326bn.
It is expected to run for 12 months starting from the date it is assented into law. This is in line with provisions of Section 318 of the constitution of the Federal Republic of Nigeria, 1999 as amended.
Please note that the FULL budget (line-by-line details) has not yet been made available.
Kindly download the 2016 Appropriation Act HERE