omponents. We believe this can lower input costs

 

market driven components. We believe this can lower input costs and attain efficiency savings that will enable webapex.net PPPRA to keep the selling price for all marketers of petrol at N87 per liter for now.

30. The current fuel scarcity with long queues at petrol stations all over the country causing social dislocation is ysin.org very unfortunate. Government profoundly apologizes to Nigerians for this prolonged hardship and misery. It is as a result of market speculators and r westernmagazine.org to end these shortages and bring fuel to the pumps all over the country.

31. I have also directed the NNPC to explore alternate funding models that will enable us to honour our obligations in Joint Ventures (JVs) and deep offshore fields. We are confident that these measures can be achieved and will lower the burden that the traditional cash calls have imposed on our budget and cash flows as well as contribute towards shoring up our national reserves.

32. To deliver our development objectives, we have increased the capital expenditure portion of the budget from N557 billion in the 2015 budget to N1.8 trillion, in the 2016 budget. Distinguished and honourable members of the National Assembly, for the first time in many years, capital expenditure will represent 30% of our total budget. In future years we intend to raise the percentage allocation for capital expenditure.

33. This is a fulfillment of our promise to align expenditure to our long-term objectives, and a sign of government’s commitment to sustainable development. This increased capital expenditure commits significant resources to critical sectors such as Works, Power and Housing – N433.4 billion; Transport – N202.0 billion; Special Intervention Programs – N200.0 billion; Defence – N134.6 billion; and Interior – N53.1 billion. These investments in infrastructure and security are meant to support our reforms in the Agriculture, Solid Minerals and other core job creating sectors of our economy.

34. We will invest to safeguard lives and property.

35. We will invest in equipping our farmers with the right tools, technology and techniques.

36. We will invest in empowering and enabling our miners to operate in a safe, secure and humane environment.

37. We will invest in training our youths, through the revival of our technical and vocational institutions, to ensure they are competent enough to seize the opportunities that will arise from this economic revival.

38. Indeed, the future looks bright. And I ask that we all work together to make this vision a reality. The 223% year on year growth in capital expenditure demonstrates our desire to make Nigeria more competitive, and start the journey to deliver sustainable development in our country.

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