schools, thereby, enhancing the provision
23. As an emergency measure, to address the chronic shortage of teachers in public schools across the country, we also will partner with State and Local Governments to recruit, train and deploy 500,000 unemployed graduates and NCE holders. These graduate teachers wi webapex.net ll be deployed to primary schools, thereby, enhancing the provision of basic education especially in our rural areas.
24. We also intend to
partner with State and Local Governments to provide financial training and
loans to market women, traders and artisans, through their cooperative
societies. We believe that this segment of our society is not only critical to
our plan
westernmagazine.org for growing small businesses, but it is also an important platform to
create jobs and provide opportunities for entrepreneurs.
25. Furthermore, through
the office of the Vice Presi
ysin.org
ent, we are working with various development
partners to design an implementable and transparent conditional cash transfer
program for the poorest and most vulnerable. This program will be implemented
in phases. Already, the compilation of registers of the poorest persons is
ongoing. In the coming weeks, we will present the full programme, which will
include our home-gro v wn public primary school feeding and free education for
science, technology and education students in our tertiary institutions.
Indeed, this will mark a historic milestone for us as a nation.
The 2016 Budget
26. Distinguished
members of the National Assembly, I now present, the 2016 Budget proposals of
the Federal Government. Based on the assumptions I presented earlier, we have
proposed a budget of N6.08 trillion with a revenue projection of N3.86 trillion
resulting in a deficit of N2.22 trillion.
27. The deficit, which
is equivalent to 2.16% of Nigeria’s GDP, will take our overall debt profile to
14% of our GDP. This remains well within acceptable fiscal limits. Our deficit
will be financed by a combination of domestic borrowing of N984 billion, and
foreign borrowing of N900 billion totaling N1.84 trillion. Over the medium
term, we expect to increase revenues and reduce overheads, to bring the fiscal
deficit down to 1.3% of GDP by 2018.
28. In 2016, oil related
revenues are expected to contribute N820 billion. Non-oil revenues, comprising
Company Income Tax (CIT), Value Added Tax (VAT), Customs and Excise duties, and
Federation Account levies, will contribute N1.45 trillion. Finally, by
enforcing strict compliance with the Fiscal Responsibility Act, 2007 and public
expenditure reforms in all MDAs, we have projected up to N1.51 trillion from
independent revenues.
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