Thursday, 14 January 2016

Why Nigeria's 2016 Budget Went Missing

The Muhammadu Buhari's 2016 "Budget of Change" didn't "go missing" due to political reasons, a Premium Times report has stated. 

Several thousand of hard and soft copies of the important document allegedly disappeared, going by reports yesterday.

Several senators said they couldn't find their copy of the budget and thus couldn't discuss or pass it during plenary on Tuesday.

The news generated a lot of noise in the nation with several individuals pointing accusing fingers. Some alleged that Buhari submitted an empty box when presenting the budget a week ago. The international media described it as a humiliating experience for the Nigerian government. 

Senate leadership has however denied the reports and said the matter would be discussed soon. The Red Chamber added that it aims to pass the budget before February. 

Following the melee, Premium Time said the document deliberately went missing so some changes could be made to it. 

"Officials well briefed on the matter told PREMIUM TIMES that both the leadership of the National Assembly and the presidency, as well as Ministry of Finance and the Budget Office, were working to discreetly change certain parameters of the budget proposal following the slide in the global oil price," the report said. 

The current price of oil has fallen $8 below the oil benchmark for the 2016 budget, hovering at $30 per barrel. Other benchmark, the naira exchange rate, might also be adjusted. The Naira has come under intense pressure and many investors see a devaluation in the corner.



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