President Buhari at the budget signing ceremony

President Muhammadu Buhari said today that N350 billion will be injected immediately into the Nigerian economy on infrastructural projects.

The aim he said is to reflate the economy.

He spoke today at the signing ceremony for 2016 budget, more than four months after he presented a draft at the National Assembly in December.

The President said N200 billion of the capital vote of N1.5 trillion will go into roads, in contrast with the N18billion allocated by his predecessor Goodluck Jonathan.

The signing ceremony was witnessed by National Assembly leaders, Senator Bukola Saraki and Rep Yakubu Dogara and the vice-president Professor Yemi Osinbajo.

Accoding to Buhari, “the budget is intended to signpost a renewal of our commitment to restoring the budget as a serious article of faith with the Nigerian people.

“This Administration is committed to ensuring that henceforth the annual appropriation bill is presented to the National Assembly in time for the passage of the Act before the beginning of the fiscal year.

“Through the 2016 budget, aptly titled “Budget of Change’’, the government seeks to fulfil its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06trn. Further details of the approved budget, as well as our Strategic Implementation Plan for the 2016 budget, will be provided by the Honourable Minister of Budget and National Planning.

” In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports. This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.

“Despite the current difficulties we will work extra-hard to achieve our revenue projections. Our revenue generating agencies are coming under better management and are being re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues.

” Our determined fight against corruption is resulting in improvements in the quality of public expenditure. The work of the Efficiency Unit, as well as other public financial management initiatives, are also contributing in this regard. The continuing efforts to reduce recurrent expenditures should hopefully free up more funds for capital expenditure in 2017 and beyond.

“As I said in my New Year message, living in State House does not in any way alienate me from your daily struggles. I read the newspapers and listen to the TV and radio news. I hear your cries. I share your pains.

“We are experiencing probably the toughest economic times in the history of our Nation. I want to commend the sacrifice, resilience and toughness of all Nigerians young and old who have despite the hardships continued to have hope and confidence of a great future for Nigerians. But permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all.

“We are working night and day to diversify the economy so that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles, produce most of the things we use. We intend to create the environment for our young peoples to be able to innovate and create jobs through technology.

“I cannot promise you that this will be an easy journey, but in the interest of so much and so many we must tread this difficult path. I can assure you that this government you have freely elected will work with honesty and dedication, day and night to ensure that our country prospers and that the prosperity benefits all Nigerians. God bless Federal Republic of Nigeria.”