Amid outcry over lean revenue, the All Progressives Congress (APC) led Nigeria’s government is proposing a budget of 7 to 8 trillion Naira for 2016, up from 4.4 trillion in 2015.
The proposed budgetary expenditure was contained in a document from the office of Vice President Yemi Osinbajo seen by Reuters on Friday.
The document, used as the basis for a presentation by Osinbajo to the cabinet during a two-day retreat, proposed capital expenditure of 2 trillion Naira next year, up from 1.3 trillion Naira in 2015, but did not say how it would be funded.
However, The Street Reporters gathered that the document presented to the minister-designates, bearing the title “The Economy – Where We Are Today”, laid out the extent to which the country has been hit by plunging oil prices, stating that in May foreign reserves hit a 10-year low of $29.6billion.
A page headed “How can we get out of a possible recession?” outlined the need for a “massive infrastructure building” programme for roads, rail and power, along with “expansionist” fiscal and monetary policies.
The presentation by Osinbajo, who heads the National Economic Council (NEC), stated that this would be paid for by a N25billion infrastructure fund and a N2.5trillion “special intervention fund”.
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