ABUJA, (CAJ News) – GOVERNMENT will increase capital spending in the 2016 budget to about 30 percent of the N6,06 trillion total budget as part of a commitment to job creation despite economic challenges.
Minister of Power, Works and Housing, Babatunde Fashola, said this was also part of the resolve to deliver on the promises pledged to Nigerians ahead of the 2015 election his All Progressives Congress party, led by President Muhammadu Buhari, won.
“What this means is that unlike in the past, up to 2015, when only about N400 billion was planned for capital spending and indeed much less was actually spent, in 2016 about N1.8 trillion is planned for capital spending with a renewed commitment to fund it,” said Fashola.
Buhari’s campaign was premised on the creation of jobs and subsequently addressing the issue of poverty.
However, a receding economy sparked by the incessant fall of oil prices in the international markers has impacted on such plans.
– CAJ News