Buhari to present 2016 budget before joint National Assembly session

President Muhammadu Buhari has written the National Assembly, stating his intention to present the 2016 Appropriation Bill before a joint session of the Senate and House of Representatives.

According to the letter read by the senate president, Bukola Saraki, Wednesday, Mr. Buhari will address the lawmakers on Tuesday, at 10 AM.

The session will be the first time Mr. Buhari would address a joint session of the National Assembly since coming to power in May.

The precursor to the budget, Medium Term Expenditure Framework, was forwarded to National Assembly last week.

In the MTEF, the Federal Government proposed $38 per barrel as the benchmark for crude oil.

In a related development, on Monday, the Minister of State for Petroleum Resources, Ibe Kachikwu, said the nation’s 2016 oil production target is 2.4 million barrels.

Mr. Kachikwu disclosed this while defending the petroleum ministry’s projections for 2016 before the Joint Senate/House of Representatives Committee on Finance, Appropriation and Banking, Insurance and other Financial Institutions.

He also hinted at the government’s plan to revert to the old pump price of N97 per litre of premium motor spirit in gradual process of total subsidy removal.

Mr. Kachikwu also expressed confidence that the price of crude oil would increase as from early January to “around $50 per barrel in spite of OPEC projections”, adding that it might also hit $70 per barrel in 2017.


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here

TEXT AD: This NAFDAC APPROVED Solution Will Make You Stay Longer Than 40Mins In Bed Tonight And Help Your Erection. Click Here To Read The Free Reports

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • Abdulazeez Oyibo

    The old ‘workhorse’ wont relent. Let’s put them to the test he reckons.

  • Very Proud Oily IZON Redeemer

    Buhari has given—-the Northern Nigeria development company-NNDC-over 39b–in next years budget—–for oil exploaration activities-n the Chad Basin Is the firm government owned or privately controlled–in the Fulani North?–How much of the 4.5trillion in this years budget, was spent by Buhari on the Nations infrastructural development? When the salaries of civil servants cannot be met—Buhari should as a matter of fact, be impeached for stealing cars and dollars from jonathan and dasuki——He is no longer worthy to be president of Nigeria–from Certificate forgery lies in his asset declaration forms—-to a fake Phd,. He has now become a National disgrace———-Again Why did Buhari force Nigeria into a pact with the Saudis –as it relates to the socalled fight against terrorism without passing through the Senate–declaring war without the consent of the House of rep—-? Separation is the way out–Must have gone to take another loan from the Saudis again–who knows–cause this man can no longer be trusted——–he is a liar

  • Very Proud Oily IZON Redeemer

    I Never Knew Railway Transport Existed in Nigeria – Amaechi.

    Nigerian Transport Minister, Mr Chibuike Amaechi has expressed surprise finding out that Nigeria have a functioning and well managed Rail Transport system.

    Amaechi stated that, “In fact, I think we have a problem, most people don’t believe that the Railway transport is functioning in Nigeria.
    I didn’t even know, until I started this tour, I never knew that the railway was functioning, it was even from his (MD’s) speech that I learnt that there are some coaches or services that go to Kano or Port Harcourt or elsewhere.” Unquote.

    APC they lied and lied and lied to the masses——-Took Nigerians for fools————–with the aid of the Yorubas————-But the Good Lord will continue to Bless the only real President Nigeria ever had———IJAW–MAN—Jonathan—–he revamped the rail services—-after 40 years–to the shame of the Fulanis and Yorubas–Separation is the answer–not the rule of the Yorubas ati Fulanis

    • Otile

      Don’t call him Chibuike Amaechi, his real name is Rotimi Oyenunsi.

    • emmanuel

      Rotimis problem stem from his chequered identity, which bestowed on him a nature predominated with lies. Hence he never knew Nigeria had working Rail transport. Awarawa Minister!
      Let him tell us what he did with Port Harcourt mono-Rail.
      He want to begin his ministerial stint with another fraud in Aba – Port Harcourt rail project again. Is it not clear that a Leopard cannot change its skin?

  • Otile

    Shame. They got nothing else going for them except crude oil from Niger Delta. I pray they discover abundant oil in the North so that they can leave Biafrans to develop their country like other intelligent people of this world. Lord hear our prayers.

  • emmanuel

    Madness in budget. 2.4 millioj barrels a day for nation that can hardly refine I litre of PMS? A team that has hardly improve on revenue since their inauguration?
    With deliberate North and Western Nigeria conspiracy to seat on the PMB, Nigeria can never produce 2.4 mpbd of Crude. So tell us how such budget will not help to impoverish the natiin?
    Do they have their own control on Crude Price and sale, are they going to sell at Gwagwalada Market?
    These clowns are getting paid for real jesting.
    By June of 2016, this nation may have turned an abandoned zoo with so many stray wild animals on the loose and dangerous for unprotected persons
    Nigeria is a going concern and her future cannot be hung on lies.

    • emmanuel

      I mean a year after Buhari’s inept leadership and without a functional budget, the nation would have gone comatosed with consequent negative acts and crimes. Do not misquote me please!

      • Rommel

        Are you sure you know the meaning of the word INEPT? what type of leadership did president Jonathan provide?

    • Enemona

      June is not far away, we shall see. At least, for the first time in a long while, we have a realistic budget and there is no doubt it will be implemented as planned and there will be no slush funds to be shared by your principals. We still reeling in the pains they caused. We have full trust for this government and we also have hope their abilities.

      Your doomsday prediction is only applicable in the climes ruled by your principals. May it come through for you and your ilk alone.

      • emmanuel

        For your ignorance, I am a realistic and have no political Principal leaving or dead. I owe my all to God and my parents who taught me how to leave a life driven by hard work, contentment and dependence on God.
        Having said that, please let us into what has accrued to the TSA since May 30 (implicitly), how funds were applied if at all and let us know how your egg heads will generate voodoo funds to run a dead economy (the havoc done on this nation in seven months will take another ten years to repair).
        Let them borrow from all nations of the World and Finance Institution, which would lead to fictitious economic movements in the short-run.
        I did not enter into public space because of free internet or ethnic hegemonic conspiracies. I know economy, politics and human social existential interaction.
        So I await your defense in a short while!

  • Arabakpura

    “Buhari to present the 2016 budget to National Assembly” That’s nice! The last president that presented the budget to the National Assembly was Ngozi Okonjo Iweala!

    • Rommel

      HahahahahahLol! good one and by then,NIGERIA had 5 presidents one of which was a male and he was said to be the weakest.