Minister outlines gains of 2016 budget

Minister of Budget and National Planning, Udoma Udo Udoma yesterday listed the expected gains of the 2016 budget. According to him, the budget is designed to achieve: creation of significant number of jobs to reduce unemployment; deliver inclusive growth to Nigerians, reflation of the economy through government expenditure-led growth strategy with emphasis on infrastructure development and also cater for the poor and vulnerable through special social intervention programmes.
He also listed building an economy that is less vulnerable to oil price shocks by creating a resilient diversified income base, and creating an Efficient Public Financial Management System and increased revenue by broadening the tax base, as well as ensuring efficient revenue collection, blocking leakages and reducing cost of governance through IPPIS, efficiency unit among the benefits. The Minister made this disclosure in Abuja in a presentation at the National Economic Council’s Retreat on the Economy entitled “Strategic Implementation Plan for the 2016 Budget of Change” His words: “The 2016 budget is designed to deliver inclusive growth to Nigerians, and also create significant number of jobs to reduce unemployment/ underemployment especially among the youth. It includes also reflating the economy through government expenditure- led growth strategy with emphasis on infrastructure development and also cater for the poor and vulnerable through special social intervention programmes” Udoma also explained that the federal government has designed a strategic implementation plan to ensure an effective implementation of the 2016 Budget of Change, which he said will be announced once the budget is passed in to law. “The Strategic Implementation Plan will set out the policy direction and some expected outcomes of the Federal Government’s Programme and projects to be implemented in 2016, introduce innovative financing and expenditure management measures. The implementation plan is simply a road- map of key macro –economic and sectoral policies and strategic targets for the 2016 Fiscal year” he said Six major strategies in the implementation plan are in the areas of; policy security & governance, Diversify the Economy, power, Rail & Roads, Oil & Gas Reforms, Ease of Doing Business and Social Investment, stating that states have key roles to play toward ensuring effective implementation of the various policies, programmes and projects in the pillars.