President Muhammadu Buhari on Tuesday said N221.7 billion would be spent on health sector in 2016 as part of the initiative to improve the health care delivery to Nigerians.
Buhari said this while presenting the 2016 budget to the joint National Assembly session in Abuja.
He said that N369.6 billion was set aside for education sector as against N294.5 billion earmarked for defence, while the Ministry of Interior would receive N145.3 billion.
The president said the money allocated to the three critical sectors would facilitate payment of personnel remunerations in the critical sectors.
He said that 2016 borrowings would principally be directed to fund capital projects as N113 billion would be set aside as a sinking fund towards the retirement of matured loans.
Buhari said N1.36 trillion had been provided for foreign and domestic debt servicing, and emphasised the need for prudent management of debt portfolio and deployment of foreign exchange earnings.
According to him, the 2016 budget represents a major step in delivering a new opportunity for Nigeria.
He said it also demonstrated government’s confident optimism that in spite of the nation’s current challenges, it had the will, resourcefulness and commitment to deliver prosperity to the people.
“ This budget will ensure that every kobo spent by government counts; we will devote a significant portion of our current expenditure to institutions that provide government services.
“Government needs to move away from dependency on oil.
“Our growth must be inclusive; indeed tough decisions will have to be made but this does not necessarily mean increasing the level of pain already being experienced by most Nigerians.
“Nigeria is open for business but the interest of all Nigerians must be protected first.
“Nigerians must be part of the growth story. Our government shall deliver on security, jobs and infrastructure; it is the right of all Nigerians.
“By the grace of almighty God and the will and determination of the Nigerian people, we will come out stronger and more united than ever,” he said.
The president said he was aware of the problem many Nigerians faced in terms of accessing foreign exchange for their various purposes.
He attributed the problem to the current inadequacies in the supply of foreign exchange to Nigerians who needed it.
He said, however, that the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, had assured that the bank was currently fine tuning its current foreign exchange management.
He said that this would introduce some flexibility and encourage additional inflow of foreign currency to help ease the pressure.
Buhari said that the exchange rate regime was also currently being assessed, keeping in mind the willingness to attract foreign investors, manage and control inflation so as not to harm Nigerians.
He called on traders, business operators, manufacturers, airline operators and others who needed foreign exchange to meet their obligations to be patient as the government was aware of the problem.
“To the investors, business owners and industrialists, we are aware of your pains; to the farmers, traders and entrepreneurs we also hear you; the status quo cannot continue, the artificial concurrent demand will end.
“I know many people will say we have heard this but we must go back to the basics; our actions will speak for us.
“My team of dedicated, committed and patriotic Nigerians is well aware of the task ahead and we assure you that we are taking on the challenge; we will not betray the trust put on us.
“We are here to serve and indeed Nigerians will get the service they have longed for and which they rightly deserve,” the president said.
Buhari called on all civil servants, the organised labour, industry groups, newsmen, religious and traditional institutions to support the Federal Government in achieving its mandate.
The president presented a 2016 national budget of N6.08 trillion to the joint national assembly session for approval.
