News
2016 Budget: Delay in presidential assent may worsen economic crisis
The cash crunch crisis in the country may continue for a while due to the refusal of President Muhammadu Buhari to sign into law the recently passed 2016 harmonized N6.06 trillion budget, before leaving for a Nuclear Summit in Washington DC, USA today.
National Daily gathered that the refusal to sign the much anticipated appropriation bill by President Buhari was because the passed budget sent to the President for assent had no details.
Without the details, it was gathered the President may not be in the know of what adjustments had been made by the National Assembly to the proposal sent to the legislators by the Executive last December.
ALSO SEE: Budget deficit: FG plans to raise N1.884 trillion
According to National Daily investigation, details of the approved appropriation showed that N1.59 trillion was allocated for capital expenditure, and N2.65 trillion for recurrent expenditure, while about N1.48 trillion was approved for debt servicing.
The lawmakers also approved about N2.2 trillion as deficit, with N500 billion going for social intervention projects and N351.4billion for statutory transfers.
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