As President Muhammadu Buhari finally assented to the 2016 Appropriation Bill, giving way for full implementation of the budget, below are five key changes to expect almost immediately.
Finally, after four months and two weeks of dilly-dallying, President Muhammadu Buhari has signed the 2016 budget into law.
Nigerians expect that the nation will immediately get to work, and the Keynesian economics of spending our way through crisis will finally yield its good.
Here are five magical moves or changes that the Nigerian people are expecting to take over almost immediately:
NAIRA CAN NOW APPRECIATE TO N250/$1
At the joint appropriation committees of the national assembly, Joseph Nnana, deputy governor, financial system surveillance of the CBN, said the naira will rise once the budget is passed.
“Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country,” he had said.
“This is part of the reasons why the naira has continued to slide against the US dollar. The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence.
“The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt.”
Did Nnana say the naira will rise to N250 to a dollar? No, we are just being optimistic.
FASHOLA CAN NOW BUILD ROADS
About two weeks ago, Babatunde Fashola, minister of power, works and housing, said the country cannot build roads, until the budget is passed.
“There’s a plan to deal with the road challenge, but unfortunately as I speak, there is no budget,” Fashola said at a town hall meeting in Lagos.
“Those of us that are tuned to public service will understand that budget is the article of faith, without appropriation, you can’t spend money.”
With the budget now passed, we should expect roads, fixed, houses built, and a new face for works in Nigeria.
N5,000 FOR 1 MILLION VULNERABLE PEOPLE
Are you a vulnerable Nigerian? Congratulations, calvary is here! You are going to get N5,000 per month, as promised by the Buhari-led administration.
After much back and forth, the government says the money would not be for unemployed youths but for vulnerable Nigerians.
One quick question; What is the definition of vulnerable?
TRAINING AND EMPLOYMENT FOR 500,000 YOUTHS
If you are young and vibrant, but not vulnerable, do not feel bad that you will be missing out on the N5,000 per month cash, there is good news for you.
The government has 500,000 teaching jobs for young minds who are willing to get trained and teach younger minds, while awaiting your dream jobs.
You do not have to dress masquerades again, just get registered at centres to be unveiled by the government for the teaching jobs.
BILLION NAIRA WEBSITES CAN NOW BEGIN TO FUNCTION
According to the proposed budget, the federal ministry of solid minerals would spend N795 million on website update.
The federal ministry of education would also be expending N258 million on the maintenance of its website and provision of antivirus and portal design and development for Nigeria education management information system (NEMIS).
In just five items, the federal government is proposing to spend N1.16 billion on websites.
These websites can now begin to function and hasten Nigeria’s technological and mining development in the nearest future.