Journal Articles and Book Chapters
August 2, 2016
A Review Of Nigerias 2016 Budget
This study
reviews and assesses the 2016
budget of the Federal Republic of Nigeria in line with IMFsbudget assessment indicators, namely: comprehensiveness, transparency, and
realism. The assessment is based on
clear understanding of the present
administrations objectives, which are: to achieve socio-economic
and infrastructural development, to diversify the Nigerian economy, and to
achieve improved security of lives and properties.
Related
Nigeria Economic Update (Issue 32)
Available data from the National Bureau of Statistics indicates a decline in oil and other petroleum production between 2015 and 2016. Crude oil production fell by 16 percent, from 777.5 million barrels in 2015 to 656.8 million barrels in 2016. This is also indicative of the number of exploratory rig count that fell from 15 rigs to 8 rigs in 2016. Similarly, Gas production declined by 10 percent to 2,711 million one thousand standard cubic feet (mscf) in 2016. The significant decline in crude oil and petroleum production, brings to perspective the extent of the damage caused on production pipelines by militants in the Niger Delta region in 2016. It is therefore important to invest national resources in maintaining domestic peace and security, especially in resource-rich regions of the country.