While giving his speech at the National Assembly, he vowed that the federal government will invest to safeguard lives and properties of Nigerians in order for them to operate in secure environments.
Also, he added that the federal government is ready to work in the interests of Nigerians and will fight for the protection of its citizens.
He said: “We assure Nigerians that our 2016 borrowings will be properly directed while 1.36 trillion naira has been provided for foreign and productive aspects.
“We are here to serve and indeed Nigerians will get a service they have longed for and rightfully deserve.
However, while assuring Nigerians that the trust bestowed in the government is not breached, he also suggested that the Nigerian economy needs to find other means of revenue apart from oil.
“This budget is a major step in delivering. We have demonstrated a strong will to fight corruption.
“We implemented the Treasury Single Account which has provided greater visibility to revenue and cash flow,” he added.
Bukola Saraki, the Senate President said the 2016 budget must be bold and pragmatic in providing transparent incentives and conducive environment that will prime private sector-led development, encourage local production and promote made-in Nigeria goods.
“The National Assembly has a critical role to play and we recognize this role. On the budget we are willing and ready to provide the scrutiny necessary to pass only a budget that can be implemented comprehensively to the letter,” he said.
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Yakubu Dogara, the Speaker of the House of Representatives who was also present at the presentation commended President Muuhammadu Buhari for submitting the budget in person to the National Assembly as it had become a norm for it to be communicated to the National Assembly through post or email.
He thanked Nigerians for their confidence in the federal government and also urged his colleagues for the speedy passage of the budget.
After Dogara’s speech, the members of the house of representatives chanted a loud cheer saying “Dogara, Dogara” to show support and solidarity with the speaker.
Naij.com recalls that the Medium Term Expenditure Framework (MTEF) was submitted barely three weeks to the end of 2015 financial year which is violating provisions of Fiscal Responsibility Act provisions. The budget is usually preceded by the MTEF and FSP.
The MTEF document according to law was supposed to have been submitted for approval by August 2015 four months to the end of the financial year requirement stipulated in the Fiscal Responsibility Act.
Meanwhile, the submission of the budget by the Presidency led to the extension of proceedings beyond Thursday the 17th of December 2015 which was earlier agreed for Thursday, December 17 2015, to resume January 2016.