The President Muhammadu Buhari-led government is currently working on the 2016 budget that will be between N7tn and N8tn, the Punch reported.
According to Vice President Yemi Osinbajo, in a paper entitled: ‘The economy – Where we are today’, which he delivered at a presidential retreat organised by the Office of the Secretary to the Government of the Federation for ministers-designate on Thursday, the figures are expected to be higher than the 2015 budget of N4.4tn.
Osinbajo said the budget process will be “zero based, a method of budgeting by which all expenses must be justified for each new budget year.”
“For the Medium Term Expenditure Framework, the actual 2015 budget is N4.4tn, while the proposed 2016 budget will be N7tn to N8tn.
“Capital expenditure for the 2015 budget is N1.31tn, while the proposed capital expenditure for 2016 is N2tn.” he added.
Osinbajo further told his audience that the government was working towards pegging capital expenditure in the 2016 budget at N2tn.