Nigeria retains pump price of gasoline at 87 naira, to borrow 1.84 trl naira

Nigerian President Muhammdu Buhari presented the 2016 budget before the national assembly on Tuesday, saying the pump price of petrol will remain at 87 naira per liter for the main time and assuring his determination to fight corruption.

President Buhari

President Buhari said he is expects a budget deficit of around 2.2 trillion naira in 2016 which would be funded by local and foreign borrowing,
According to him, the budget expenditure of 6.08 trillion naira with about 1.8 trillion budgeted for capital expenditures o make Africa's biggest economy more "competitive", he said.
GDP growth would be 4.4 percent next year, he said, reiterating that the budget was based on an oil price of $38 a barrel. Oil production would be 2.2 million barrels a day.
"The budget proposal seeks to stimulate the economy, making it more competitive by focusing on infrastructural development delivery inclusive growth and prioritise the welfare of Nigerian," the president said.
The government, he said will deploy about 500,000 unemployed graduates as teachers in rural primary schools to boost employment and enhance quality of education at the lower level.
"We have demonstrated a strong will to fight corruption, am sure you will agree that the share scale of corruption and impunity of the past explain in part the economic challenges we now face," President said.
"On this initiative and the more to come, we shall not be deterred, we will pursue the recovery of everyhting that belong to the people of Nigeria. No matter where it is hidden, no matter how long it will take."