President Muhammadu Buhari will present the 2016 national budget before a joint session of the National Assembly on Tuesday, the presidency has revealed.
The revelation was made to State House correspondents after the Federal Executive Council (FEC) meeting held on Monday in the council chambers of the Presidential Villa.
The meeting was scheduled in order to fine-tune the budget.
The 6.07 trillion Naira budget proposal for 2016 was predicated on $38 per barrel oil benchmark; 197 Naira exchange rate.
It is an increase of about 40 per cent from the previous budget of 4.357 trillion Naira which was presented to the National Assembly in 2014 by former president, Goodluck Jonathan.
Buhari’s budget is following the National Assembly’s approval of the Medium Term Framework Expenditure (MTEF).
On 7th December, the FEC approved the MTEF which pegs the 2016 Budget at six trillion Naira.
The FEC meeting also saw discussion about the new tax regime following a memo by the Attorney General of the Federation,” press men were told.
The Minister of Information, Lai Mohammed, said that a memo seeking to review the taxation laws in the country was discussed
If it goes through, the move will eventually lead to improved legal framework and compliance to the tax laws by Nigerians.
“We have noticed and observed some inadequacies of the present tax regime and these inadequacies have been exploited by both individuals and corporate organisations to evade tax and this has led to loss of revenue to the government,” Mohammed said.
“So, the new tax review aims at plugging these loopholes.”
There were also questions about whether the President would be at the National Assembly live for the presentation of the budget or he would get it laid by a minister as has been the practice in the past.
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How ever, Minister of Budget and National Planning, Udoma Udo Udoma, revealed that Buhari will be addressing a joint session of the National Assembly.
