FULL VIDEO: Buhari presents 2017 budget proposal of N7.298trn to NASS
President Muhammadu Buhari has presented a budget proposal of 7.298 trillion naira for the 2017 fiscal year.
Addressing a joint session of the National Assembly on Wednesday, President Buhari said that the implementation of the 2016 budget was hampered by low crude oil prices.
The 2017 figure has an increase of 17% over the 2016 figure; a move Buhari said was deliberately geared towards immediate economic recovery and better living for Nigerians.
“Nigerians will soon begin to see the intangible benefits in 2017 … 31% of this budget is intended to quickly pull Nigeria out of recession. This budget proffers a strategy of growth and economic recovery,” said Buhari.
The 2017 budget is based on a crude oil benchmark price of $42.50 per barrel, with an output of 2.2 million barrels per day and a projected exchange rate of N305 to $1 USD.
The highlights of the budget include improved business environment, governance as well as security of lives and property.
Government’s expenditure is to be funded with the sum of 4.94 trillion naira while oil is to contribute 1.98 trillion naira of the amount.
The deficit of 3.63 trillion naira, which is 2.18% of GDP, is to be financed through borrowing the sum of 2.23 trillion naira.
Of this sum, 1.7 trillion would be from external borrowing while 1.254 trillion would be sourced domestically.
Key capital spending provisions would be on power, works and housing, which have been allocated the highest amount of 529 billion naira, followed by transport – 262 billion, social intervention – 150 billion, defence – 140 billion while the judiciary got an increased allocation of 100 billion naira.
The area of education got 50 billion naira while universal basic education got a direct allocation of 92 billion naira.
The sum of 51 billion naira was also allocated to health.
Budget proposal: Budget proposal: Budget proposal
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