{"id":45688,"date":"2016-01-18T22:54:10","date_gmt":"2016-01-18T21:54:10","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=45688"},"modified":"2016-01-19T01:19:39","modified_gmt":"2016-01-19T00:19:39","slug":"amaechi-fashola-responsible-for-2016-budget-withdrawal-from-nass","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/amaechi-fashola-responsible-for-2016-budget-withdrawal-from-nass\/","title":{"rendered":"Amaechi, Fashola Responsible For 2016 Budget Withdrawal From NASS"},"content":{"rendered":"
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…Buhari Writes NASS<\/p>\n

Transport Minister, Rt.Hon Rotimi Amaechi and Works, Housing and Power
\nMinister, Mr. Babatunde Fashola, were responsible for President Mohammadu
\nBuhari’s withdrawal of the 2016 Budget from the National Assembly, a
\nreliable source in the Presidency told Pointblanknews.com.<\/p>\n

The source who is not authorized to speak to the press said the two
\nMinistries were not properly captured in the 2016 budget as presented to
\nthe National Assembly.<\/p>\n

The Transport Ministry, Works, Housing and Power are expected to play key
\nroles in delivering key electoral promises of the Buhari’s administration.<\/p>\n

“After the 2016 Budget was submitted, it was realized that the key
\nMinistries such as Transport and Works, Housing and Power were not
\nproperly represented in the budget presented to the National Assembly”,
\nthe source told Pointblanknews.com.<\/p>\n

According to the source, “if the 2016 Budget is left the way it was first
\nsubmitted to the National Assembly, those Ministries won’t find it easy
\ndelivering the dividends of democracy.<\/p>\n

However,\u00a0 Buhari has written to the parliament requesting the withdrawal
\nof the 2016 budget in order to make changes, sources at the presidency and
\nSenate said on Sunday.<\/p>\n

Buhari unveiled the budget for Africa’s biggest economy in December, which
\nincluded a tripling of capital expenditure, as the continent’s top oil
\nexporter tries to overcome its worst economic crisis in years caused by
\nthe fall in crude prices.<\/p>\n

The president said spending would be 6.08 trillion naira and the deficit
\nwould double to 2.2 trillion naira ($11 billion) under his
\nadministration’s plans.<\/p>\n

With Brent crude, which gives Nigeria around 95 percent of its foreign
\nearnings, falling to $30 a barrel for the first time in 12 years, the
\nnaira has dropped to record lows against the dollar on the parallel market
\namid dwindling FX reserves.<\/p>\n

The 2016 budget assumed an oil price of $38 per barrel, whereas lawmakers
\npassed last year’s budget at $53 a barrel.<\/p>\n

“Mr president has written to the Senate and the House of Representatives
\nto withdraw the 2016 budget to enable him to affect some amendments
\nfollowing the further dwindling price of oil among other areas,” said a
\npresidency source, speaking on condition of anonymity.<\/p>\n

Buhari’s spokesmen, who have travelled with the president to the United
\nArab Emirates for the World Future Energy Summit, were unavailable for
\ncomment.<\/p>\n

A source at the upper house of parliament, the Senate, said Buhari had
\nwritten to the National Assembly, which consists of both houses, to
\nrequest the withdrawal of this year’s budget.<\/p>\n

“The Senate received the letter on Saturday but it does not specify what
\nis to be corrected,” said the source, who wished to remain unnamed.<\/p>\n

Ita Enang, the president’s senior special assistant on National Assembly
\nmatters, on Sunday issued a statement confirming that a message had been
\nsent.<\/p>\n

“Mr President has sent a communication to the National Assembly on the
\n2016 Budget,” said Enang. “The content is as will be read on the floor in
\nplenary.” He added that the reading would take place on Tuesday.<\/p>\n

Last week the naira NGN=D1 – pegged at around 198 to the dollar on the
\nofficial interbank market – slid to a record low of 305 on the parallel
\nmarket, fuelling speculation that Nigeria will soon have to devalue it
\ncurrency. And stocks posted their biggest fall in eight years.<\/p>\n

Senate members have summoned Central Bank Governor Godwin Emefiele to
\nexplain the naira’s plunge on Tuesday.<\/p>\n<\/div>\n<\/div>\n

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by jenny downing<\/span> on<\/div>\n<\/div>\n<\/div>\n
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