Pesident Buhari signs 2016 Budget.

* N200 billion allocated to road construction
* Says Nigeria experiencing toughest economic times since 1960
President Muhammadu Buhari on Friday signed N6.06 trillion 2016 Appropriation bill into law.
His assent was withheld for weeks due to grey areas in the 2016 Budget passed by the National Assembly and the N6.08 trillion proposal he submitted to the joint sitting of the National Assembly on 22nd December, 2015.

The President, according to a copy of his speech at the closed-door ceremony later circulated to journalists, said that the 2016 Budget was designed to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports.
The signing of the budget, he said, will trigger concerted efforts to relate the Nigerian economy.
He said: “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 fulfill its own side of the social contract. The Budget I have signed into law provides for aggregate expenditures of N6.06trn.
“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.
“The signing of the budget today will trigger concerted efforts to relate the Nigerian economy, a key element of which is an immediate injection of N350bn into the economy by way of capital projects.
“To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200 bn to road construction as against a paltry N18bn allocated for same purpose in the 2015 budget,” he said.
Despite the current challenges, he said that his administration will work extra-hard to achieve the revenue projections.
“Our revenue generating agencies are coming under better management and are re-oriented. The implementation of the Treasury Single Account (TSA) is expected to contribute significantly to improving transparency over government revenues,” he added.
The President said that further details of the approved budget and Strategic Implementation Plan for the 2016 budget will be provided to the public by the Minister of Budget and National Planning, Udoma Udo Udoma.
He said that he will also speak more on the Budget, its implementation and the over-all national economic and social policies of his Government in his coming May 29th address.
Stressing that the 2016 Budget is the first full-year budget of his administration, he thanked the leadership of the National Assembly in making the budget a reality.
He also said that his administration’s determined fight against corruption is resulting in improvements in the quality of public expenditure.
He added: “The works of 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.”
Living in the State House, he said, does not in any way alienate him from daily struggles of Nigerians.
“I read the newspapers and listen to the TV and radio news. I hear your cries. I share your pains,” he said.
Noting that Nigeria is experiencing probably the toughest economic times in its history, he commended the sacrifice, resilience and toughness of all Nigerians who continued to have hope and confidence of a great future despite the hardships.
He said: “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 such 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 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. But I can assure you 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,” he said.
At the ceremony, the Senate President, Bukola Saraki said that the 2016 Budget will ensure that minimum of 30 percent goes into capital and boost the diversification policy of the government.
He said: “Our journey here has been rather bumpy but I believe that that is not only in Nigeria. All over the world, the legislation on appropriation and budgeting is the most important legislation.
“In all the democracies that we practice, there are always issues about passing the budget, policies, etc.
“We thank God that we have been able to come to this today in our country. I think that is a great achievement on the part of everybody.
“In other countries, even in the US that we copy, sometimes they close down government because they have not been able to achieve it.
“It is with a great satisfaction that we are here and it is by the efforts of people from both sides: Executive and Legislature.
“I want to thank all those who worked behind the scene to make this happen.
“I think we have shown again that despite the challenges, we can work together as a government that has the interest of the people that have put us here at heart. We should look at the good side and more and forge ahead.
“Most important part after the signing of course is the implementation, to ensure that the benefits of Nigerians who waited are met.
“Just yesterday, a man in quarry business told me that just because of the information that the President might sign, there has been activity. They don’t know what is in the budget but activity has picked up, so you can see the interest of our people.
“So it is the responsibility of all of us to ensure implementation. It is our role to ensure that we follow the money and ensure that the document signed is fully implemented and Nigerians can benefit.
“On behalf of my colleagues, I assure the President and the Vice President of the continued support of the National Assembly in ensuring that the policies of government are fully supported.” He said
Speaking with State House correspondents at the end of the ceremony, Saraki called for early work on the 2017 budget in order to prevent the delays of the 2016 Budget.
He said: “One is the fact that the process will start early. Don’t forget the fact that the government only came in May of last year. We have long time now to prepare, the government is in place, the new appointments and those in National Assembly is in place, I’m sure it will not be like this‎.
Also briefing State House correspondents, the Minister of Budget and National Planning, Udoma Udo Udoma said that the 2016 Budget adopted the same revenue assumptions of 38 dollars crude oil price while the size of the budget and the size of the deficit are also roughly the same with the proposal submitted.
To ensure no delays in 2017 Budget, he said that the Federal Executive Council (FEC) approved timetable for the 2017 budget two weeks ago.
He said: “Our intention is that the budget should reach the National Assembly early in October to give them enough time to pass the budget before the end of the year.
“Because as you know the most important time particularly for road construction and road works is of course the dry season, so if you can get the budget out in December, you can now start early to implement, so our intention is going forward to get us back to a situation where we can have a full January to December implementation for the budget.
“So we are working hard on the timetable to achieve this, it’s also going to be much more extensive consultation with the National Assembly prior to the budget being presented, extensive consultations with NGOs and that will help us to speed up the process of getting the budget approved,” he said.
On implementation of the 2016 Budget, he said: “Our own will always be one hundred percent implementation, we know that because we started late we may not achieve it but that is our aim, we will start off with that aim because the budget is a law so we will try and implement it as faithfully as we can. However the reality is that we may not because we started late.
“So to cure that is that subsequent years, we start earlier to give us a better chance of implementing the budget in full but we will do our best.
Minister of State for Budget and National Planning, Zainab Ahmed said that the government has developed a specific implementation guideline for the 2016 budget which will be submitted to all the MDAs.
“This will be vigorously monitored and reported upon on quarterly basis to the FEC. There are some checks in that implementation plan and we intend to follow through with the plan as fast as possible.” She added
Among those at the short signing ceremony include Vice President, Yemi Osinbajo,  Speaker of the House of Representatives, Yakubu Dogara, Minister of Finance, Kemi Adeosun.
Others are Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo.
Also at the ceremony are the National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun, Chairman Senate Committee on Appropriation, Danjuma Goje, Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.