Details of 2016 Budget as Education Sector Gets 396 Billion

Earlier today, President Muhammadu Buhari submitted the 2016 budget to the members of the National Assembly comprising of the Federal House of representatives and the Nigerian Senate.

In a joint session held on Tuesday, December 22, at the House of Representatives, Buhari presented his first budget of N6.08 trillion.

From the figures appropriated in the budget, the Education sector which has been ignored for years, got the largest allocation of N396 billion.

The President also revealed that 500,000 teachers would be recruited, trained and deployed into the sector.

N296 billion was earmarked for the Health sector while Defence received an allocation of N294 billion.

While delivering his speech during the budget presentation ceremony, President Buhari said the actions of his administration will ultimately speak for him.

“The confidence of many might be shaken but I stand before you today promising that we will secure our country, rebuild our economy and make the Federal Republic of Nigeria stronger than it has ever been.”

The President apologised to Nigerians on the prevalent fuel scarcity in the country, while assuring that his government is working very hard to address the worrying issue.

“The current fuel scarcity in Nigeria is unfortunate. We apologise to Nigerians for the sufferings, we will end the shortages.”

Buhari also added that he has directed the Petroleum Pricing Regulatory Authority to sell petrol at N87 per litre for now.

He said: “Indeed tough decisions must be made but this does not mean that we would increase the level of pains being felt by Nigerians”.

The President said that the oil benchmark would be $38 per oil barrel while the exchange rate of the 2016 budget was pegged at N190.