of our promise to run a lean government,

 

39. In fulfillment of our promi webapex.net se to run a lean government, we have proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016. Furthermore, we have budgeted N300 billion for Special Intervention Programs, which takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

39. As I mentioned earlier, the Efficiency Unit set up by this Administration together with effective implementation of GIFMIS and IPPIS will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19% v westernmagazine.org . Distinguished and honourable members, this budget will be executed to provide optimum value by ensuring every naira spent by this Government, counts.

40. We will devote a significant portion of our recurrent expenditure to institutions that provide critical government services. We will spend N369.6 billion in Education; N294.5 billion in D ysin.org efence; N221.7 billion in Health and N145.3 billion in the Ministry of Interior. This will ensure our teachers, armed forces personnel, doctors, nurses, police men, fire fighters, prison service officers and many more critical service providers are paid competitively and on time.

41. Distinguished and honourable members of the National Assembly, our 2016 borrowings will be principally directed to fund our capital projects. Furthermore, the sum of N113 billion will be set aside for a Sinking Fund towards the retirement of maturing loans; while N1.36 trillion has been provided for foreign and domestic debt service. This calls for prudent management on our part, both of the debt portfolio and the deployment of our hard earned foreign exchange earnings.

42. I am aware of the problems many Nigerians currently have in accessing foreign exchange for their various purposes – from our traders and business operators who rely on imported inputs; to manufacturers needing to import sophisticated equipment and spare parts; to our airlines operators who need foreign exchange to meet their international regulatory obligations; to the financial services sector and capital markets who are key actors in the global arena.

43. These are clearly due to the current inadequacies in the supply of foreign exchange to Nigerians who need it. I am however assured by the Governor of Central Bank that the Bank is currently fine-tuning its foreign exchange management to introduce some flexibility and encourage additional inflow of foreign currency to help ease the pressure.

44. We are carefully assessing our exchange rate regime keeping in mind our willingness to attract foreign investors but at the same time, managing and controlling inflation to level that will not harm the average Nigerians. Nigeria is open for business. But the interest of all Nigerians must be protected. Indeed, tough decisions will have to be made. But this does not necessarily mean increasing the level of pain already being experienced by most Nigerians.

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COMMISSIONER CHIDES OTTAWA FOR NON-EXISTENT 'JUST TRANSITION' PLAN

  DeMarco said the government has done little to prepare for an expected wave of layoffs in the energy sector as the country moves away from fossil fuels like coal, oil and natural gas in the coming years. DeMarco said the government has long promised to produce some sort of "just transition" plan to help affected workers with income and pension support and job retraining. He said the government has been "slow off the mark," has taken "little action" and is woefully "unprepared" for possible mass unemployment.   Workers perform maintenance on an oil rig in Alberta. (Kyle Bakx / CBC) He said the government's recent approach to job losses in the coal industry - Ottawa is overseeing a full phase-out of coal-fired electricity by 2030 - leaves much to be desired. Rather than develop a plan to address the specific needs of laid-off coal workers, DeMarco said the federal government relied largely on the existing employment insurance (EI) program. It...
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