The President told a joint session of the National Assembly while presenting the N6.08trillion 2016 budget proposal yesterday.
The recruitment of the teachers captured under N300 billion voted for special intervention programme in the budget, according to the President, is part of the Federal Government’s plans to tackle the problem of unemployment in the country during the 2016 fiscal year.
He said the teachers to be recruited would be drawn from the army of unemployed graduates in the country and holders of Nigerian Certificate in Education (NCE) for teaching at primary school level in rural areas.
He stressed, “As an emergency measure to address the chronic shortage of teachers in public schools across the country, we also will partner with state and local governments to recruit, train and deploy 500,000 unemployed graduates and NCE holders. These graduate teachers will be deployed to primary schools, thereby, enhancing the provision of basic education, especially in our rural areas.”
Under the special intervention fund, the president also disclosed that the Federal Government intends to partner with state and local governments to provide financial training and loans to market women, traders and artisans, through their cooperative societies as important platforms of creating jobs and providing opportunities for entrepreneurs.
The N6.08trillion budget as stated by the President is predicated on $38 oil price bench mark, 2.2million barrel of oil production per day and N197 to a dollar exchange rate.
Other highlights are N1.8trillion voted for capital expenditure as against N557billion in the outgoing year, N2.65trillion for recurrent expenditure and N3.86 trillion targeted revenue, leaving a deficit of N2.22trillion.
Out of the N3.86 trillion targeted revenue, N1.45trillion is proposed to be raised from non-oil sources, N1.51trillion from independent sources, while the balance of about N900billion will be from oil.
The President stated further that the deficit of N2.22 trillion in the budget would be financed by both domestic and external borrowings of N984 billion and N900 billion respectively.
The highest allocation from the N1.8trillion capital expenditure is earmarked for Power, Works and Housing with N433.4billion, followed by Transport – N202.0 billion; Defence – N134.6 billion; and Interior – N53.1 billion, he said, adding that “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.”
The Education, on the other hand, has the highest allocation under the N2.35trillion recurrent expenditure with N369.6 billion, followed by Defence with N294.5 billion; N221.7 billion for Health and N145.3 billion for the Ministry of Interior.
According to the President, “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.”
On the current fuel scarcity, the President tendered an unreserved apology to Nigerians and promised that the problem would fizzle out soonest going by directives he had given the management of the Nigerian National Petroleum Corporation (NNPC) to that effect.
He said: “The current fuel scarcity with long queues at petrol stations all over the country causing social dislocation is very unfortunate. Government profoundly apologizes to Nigerians for this prolonged hardship and misery. It is as a result of market speculators and resistance to change by some stakeholders. Government is working very hard to end these shortages and bring fuel to the pumps all over the country.
“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.”
The President also assured Nigerians that despite the economic, his government is determined to make the best out of the situation for the betterment of all Nigerians.
“This budget represents a major step in delivering a new opportunity for Nigeria. It demonstrates our confident optimism that despite the challenging times, we have the will, resourcefulness and commitment to deliver prosperity to our people. And by the grace of Almighty God and the sheer will and determination of the Nigerian people, we will come out stronger and more united than ever,” he stated.
Earlier, the Senate President, Bukola Saraki, as Chairman of the National Assembly, had assured the President of full cooperation and support of the federal parliamentarians for his change agenda and successful implementation of the 2016 budget.
“Let me assure you, Mr. President, that with the 8th National Assembly you have got a partner, an ally to help you steer the ship of state in the right direction for growth, transparency, accountability, equal opportunities, inclusion and fairness.
“We will stand by you and work with you to see Nigeria become the pride of all Nigerians home and abroad and earn the respect it deserves in the global arena,” he said.
Virtually all the members of the Federal Executive Council and other appointees of the President along with the Governor of Nasarawa State, Tanko Almakura, and National Executive members of the All Progressives Congress (APC) were present at the budget presentation.
–News watch.
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