The president said about 2.1 trillion of the budget will be financed through foreign and domestic loans, revealing that the loans will be used for capital projects.
With N433.4 billion, the ministry of works, power and housing, has the highest allocation, next to education with N396billion, health N296 billion and defence, N294 billion.
The budget is an increase of about 40 per cent from the previous budget of N4.357, which the administration of former President Goodluck Jonathan presented to the national assembly the previous year.
Buhari was commended for appearing before the assembly and not delegating the responsibility.
Commenting on the decision of Buhari to perform the task himself, Senate President Bukola Saraki, who moderated the programme in his capacity as the chairman of the joint session of the assembly, said: “Mr. President, your coming to this hallowed chamber in person today to present the 2016 draft appropriation bill, bears eloquent testimony to your profound respect and commitment to the ideals of our constitutional democracy and the dictate of the rule of law.
“This is the first time in a few years that the president of Nigeria has personally performed this constitutional task. It highlights the importance you have attached to building a smooth working relationship with the national assembly. This is a positive gesture that is not lost on all of us.”
Vice-President Yemi Osinbajo, Yakubu Dogara, speaker of the house of representatives, Mahmud Mohammed, chief justice of Nigeria, were among those present.
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