PIC.2.SECRETARY TO THE GOVERNMENT OF THE FEDERATION, MR DAVID LAWAL (L) WELCOMING PRESIDENT MUHAMMADU BUHARI TO THE PRESIDENTIAL RETREAT FOR MINISTERIAL-DESIGNATES AT THE PRESIDENTIAL VILLA IN ABUJA ON THURSDAY (05/11/15). WITH THEM IS THE VICE PRESIDENT YEMI OSINBAJO. 7007/05/11/2015/ICE/CH/NAN
Secretary to the government of the Federation, David Lawal (l) welcoming President Muhammadu Buhari to the presidential retreat for ministerial-designates at the presidential villa in Abuja on Thursday

The federal government is reportedly planning towards an N8 trillion budget for 2016.

According to Punch, Vice President, Yemi Osinbajo disclosed the news on Thursday in a paper entitled: ‘The economy – Where we are today’, which he delivered at the retreat organised for ministers-designate on Thursday.

“The budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year. For the Medium Term Expenditure Framework, the actual 2015 budget is N4.4tn, while the proposed 2016 budget will be N7tn to N8tn.

Capital expenditure for the 2015 budget is N1.31tn, while the proposed capital expenditure for 2016 is N2tn,” he said.