“I can’t promise that it will be an easy journey, but I can assure this government you have freely elected will work with honesty and dedication,” the President said during the budget signing.
He said his government was committed to changing the structure of the Nigerian economy “once and for all,” while also commending the sacrifice and resilience Nigerians “who have continued to have hope and confidence of a great future.”
The event, which took place at the Presidential Villa, Abuja, was witnessed by Vice President Yemi Osinbajo, Senate President Bukola Saraki, Speaker Yakubu Dogara and National Chairman of the ruling APC John Odigie-Oyegun.
Buhari said at the event that through the 2016 budget, 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 N6.06 trillion,’’ he said.
According 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’’.
He said that in designing the 2016 budget, the administration made a deliberate choice to pursue an expansionary fiscal policy in spite of the huge decline in government revenues from crude oil exports.
He said that was why it decided “to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings’’.
The president noted that all borrowings would, however, be applied towards growth-enhancing capital expenditures.
He also reassured that in spite of the current difficulties the administration would work extra-hard to achieve its 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.
“Our determined fight against corruption is resulting in improvements in the quality of public expenditure.
“The work 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,’’ he added.
Buhari observed that Nigerians were experiencing probably the toughest economic times in the history of the nation and added that he was not alienated from the peoples’ struggle.
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