The document tagged “Budget of Change”, which provides for aggregate expenditures of N6.06trn, was signed at a brief ceremony held inside the President’s office at the Presidential Villa, Abuja.
Shortly after signing the budget, Buhari said the document was intended to signpost a renewal of his administration’s commitment to restoring the budget as a serious article of faith with the Nigerian people.
He said his government was committed to ensuring that henceforth, the annual Appropriation Bill is presented to the National Assembly on time for the passage of the Act before the beginning of the fiscal year.
Buhari said through the budget which details would be provided by the Minister of Budget and National Planning, the government seeks to fulfill its own side of the social contract.
The President said, “In designing the 2016 budget, we made a deliberate choice to pursue an expansionary fiscal policy despite the huge decline in government revenues from crude oil exports.
“This is why we decided to enlarge the budget deficit at this time, to be financed principally through foreign and domestic borrowings. All borrowings will however be applied towards growth-enhancing capital expenditures.
“To illustrate our renewed commitment to infrastructural development, the 2016 budget allocates over N200bn to road construction as against a paltry N18bn allocated for same purpose in the 2015 budget.
“Despite the current difficulties, we will work extra hard to achieve our revenue projections. Our revenue generating agencies are coming under better management and are being re-oriented. The implementation of the Treasury Single Account 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 the Efficiency Unit, as well as other public financial management initiatives, is 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.”
Buhari reiterated his position that being the President of the country does not insulate him from the problems being faced by Nigerians.
He admitted that the nation is currently experiencing the toughest economic times in history.
He however promised that he is working hard with other members of his team to make lives more bearable for the citizens.
“As I said in my New Year message, living in the State House does not in any way alienate me from your daily struggles. I read the newspapers and listen to the TV and radio news. I hear your cries. I share your pains.
“We are experiencing probably the toughest economic times in the history of our nation. I want to commend the sacrifice, resilience and toughness of all Nigerians, young and old, who have despite the hardships, continued to have hope and confidence of a great future for Nigerians.
“But permit me to say that this government is also like none other. We are absolutely committed to changing the structure of the Nigerian economy once and for all.
“We are working night and day to diversify the economy such that we never again have to rely on one commodity to survive as a country. So that we can produce the food we eat, make our own textiles and produce most of the things we use.
“We intend to create the environment for our young people to be able to innovate and create jobs through technology,” he said.
In all these, Buhari said he could not promise Nigerians an easy journey.
“I cannot promise you that this will be an easy journey but in the interest of so much and so many, we must tread this difficult path.
“But I can assure you that this government you have freely elected will work with honesty and dedication day and night to ensure that our country prospers and that the prosperity benefits all Nigerians,” he said.
The President of the Senate, Bukola Saraki, described the journey to the signing of the budget as bumpy.
He, however, said that was the norm all over the world.
Saraki said in passing the document signed by the President, the National Assembly ensured that minimum of 30 per cent goes into capital, adding that the lawmakers also sustained the President’s policy on diversification.
He said, “Our journey here (signing of the budget) has been rather bumpy but I believe that that is not only in Nigeria.
“All over the world, the legislation on appropriation and budgeting is the most important legislation.
“In all the democracies that we practise, there are always issues about passing the budget, policies, etc.
“We thank God that we have been able to come to this today in our country. I think that is a great achievement on the part of everybody.
“In other countries, even in the US that we copy, sometimes they close down government because they have not been able to achieve it.
“It is with a great satisfaction that we are here and it is by the efforts of people from both sides: Executive and Legislature.
“I want to thank all those who worked behind the scene to make this happen.
“In the process, on a lighter side, I think a lot of officials on the sides of the Executive and Legislature lost some weights.
“Though it was not planned, I think it was a good thing as well because we have officials who are more fit here.”
Saraki said with the signing of the budget, they had shown that despite the challenges, all government officials could work together with the interest of the people who elected them at heart.
Saraki stressed that having been signed into law, all hands must be on the deck to ensure the implementation of the budget so that Nigerians can enjoy the benefits therein.
“Just yesterday, a man in quarry business told me that just because of the information that the President might sign, there has been activity.
“They don’t know what is in the budget but activity has picked up, so you can see the interest of our people.
“So it is the responsibility of all of us to ensure implementation. It is our role to ensure that we follow the money and ensure that the document signed is fully implemented and Nigerians can benefit.
“On behalf of my colleagues, I assure the President and the Vice President of the continued support of the National Assembly in ensuring that the policies of government are fully supported,” he added.
In an interview with State House correspondents after the ceremony, Saraki expressed joy that government was not shut down while the budget impasse lasted.
He expressed the conviction that the situation would not repeat itself in 2017 since the process would start early.
“The process will start early. Don’t forget the fact that the government only came in May, last year. We have a long time now to prepare, the government is in place, the new appointments and those in National Assembly are in place, I’m sure it will not be like this.
“Let us focus on what that document is and that is the benefits to Nigerians that we will begin to see in the implementation. And that is what we will do in our oversight function,” he said.
Those who witnessed the event included Vice-President Yemi Osinbajo; Saraki; Speaker of the House of Representatives, Yakubu Dogara; Chairman of the All Progressives Congress, John Odigie-Oyegun; and chairmen of the Appropriation Committees of both chambers of the National Assembly.
Others were the Minister of Budget and National Planning, Udo Udoma; Minister of State, Budget and National Planning, Zainab Ahmed; Minister of Finance, Kemi Adeosun; the Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang; and the Senior Special Assistant on National Assembly Matters (House of Representatives), Samaila Kawu.
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