President
Muhammadu Buhari has presented a multi-trillion Naira 2017 National
Budget to the joint session of the National Assembly for approval.
Tagged the “Budget of Recovery & Growth”, President
Muhammadu Buhari on Wednesday, formally presented a N7.28 trillion
federal government budget for 2017 to the joint session of the National
Assembly for approval.
Speaking during the presentation, the president disclosed that the
2017 budget (N7.28 trillion) was higher than the 2016 of N6.07 trillion
with about 19.95% increase from last year's appropriation.
Details of the proposed budget showed that it was based on crude
oil benchmark price of $42.5 per barrel, against the benchmark price of
$38 per barrel used in the 2016 budget.
Further details of the proposed 2017 budget showed that government
proposed to spend about N2.243 trillion on capital projects and N2.9
trillion as recurrent expenditure.
Also, N1.66 trillion has been allocated for servicing of domestic
debts, for which N1.3 trillion earmarked in the 2016 budget, with
foreign debt expected to take about N175.9 billion as against N54.5
billion last year.
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