#2017Budget : Buhari presents N7.298tn budget
14 December 2016 National
President Muhammadu Buhari on Wednesday in Abuja presented a budget of N7.30tn for 2017 before a joint session of the National Assembly.
Buhari, who arrived at the assembly Chambers at 1.55p.m., apologised for shifting the time for the presentation of the appropriation bill from 10a.m. to 2 p.m.
The president said that N2.24tn, representing 30.7 per cent of the 2017 budget, would be committed to capital expenditure aimed at pulling the economy out of recession as quickly as possible.
He said the capital expenditure was increased from N1.8tn in 2016 to N2.24tn in 2017.
The president also announced N2.98tn as recurrent expenditure for the 2017 fiscal year.
He said, having reviewed the trends in the global oil industry, the government had decided to set a benchmark price of $42.5 per barrel and a production estimate of 2.2m barrels per day for 2017 fiscal year.
According to him, the aggregated revenue available to fund the 2017 is N4.94tn, 28 per cent higher than the 2016 budget.
He said that oil was projected to contribute N1.99tn of the amount and non-oil revenue would be contributing N1.73tn.
#2017Budget : Where will the monies to fund the budget come from?
With a benchmark oil price of $42.5 per barrel and oil production benchmark of 2.2 million barrel production per day, and Forex benchmark at N305/$1, Nigeria put its 2017 budget at N7.298tn which is 20.4% higher than that of 2016.
This is according to budgIT.
The Federal government has also put borrowing at N2.36tn- N1.067tn (Foreign), N1.25tn (Domestic).
The Buhari led government plans to fund the 2017 budget with quick revenue from oil ( N1.985tn), Non-oil (N1.73tn,) Independent (N807bn), Loot Recoveries ( N565bn ) and other sources( N210.9bn).
Expenditure breakdown is N419bn for statutory transfers, N1.66tn on debt service, N2.9tn on non-debt recurrent expenditure and N2.24tn for capital expenditure.
Another major take-away from the 2017 budget is Proposal raises of the Judiciary budget from N70bn to N100bn.
The key capital expenditure are; ower, W& H – N529bn Transportation – N262bn; Interior – N63bn, Education – N50bn, UBEC – N92bn, Health – N51bn, FCT – N37bn, Niger Delta – N33bn.
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