Nigerian president, Muhammadu Buhari for the first time presented a N6.08 trillion budget before a joint session of the National Assembly for the fiscal year 2016.
The budget shows capital expenditure increased by N1.257 trillion from N557 billion in 2015 to N1.8 trillion, a significant 300 percent increment.
A N396 billion of the budget was voted for education, while health sector gets N296 billion, the national defence department was allocated N294 billion.
According to the speaker of the House of Representatives, Yakubu Dogara, this is the first time in three years that a Nigerian President would personally present a budget before the National Assembly.
The president in his speech said he was aware that Nigerians are losing confidence in the government.
“But I promise the 2016 budget would address the problems. We are to serve Nigeria and indeed Nigerians will get the services they have longed for” said the president.
In 2016, the budget would ensure substantial reduction in taxes for small and medium businesses while exploring economic diversification, especially farming and mining.
He also promised that 500,000 new teachers would be recruited to supplement what is currently available, and assured Nigerians that the economy would cease to be solely oil dependent.
On the current fuel scarcity, the president apologised and blamed the scarcity on those resisting change.
He further assured Nigerians that the government is working hard to cushion the situation, and has directed the Petroleum Product Pricing Regulatory Authority to continue to sell petrol at N87 per litre.