Highlights of 2017 budget as passed by National Assembly

12 May 2017
Financial Nigeria


Total recurrent expenditure stands at N2.987 trillion.

Nigerian Senate President Bukola Saraki

The National Assembly passed the 2017 Appropriation Bill on Thursday, almost five months after President Muhammadu Buhari presented the budget to the legislature on December 14, 2016.

The Senate and House of Representatives separately passed the appropriation bill of N7.44 trillion, which is 2.2 percent higher than the N7.28 trillion spending plan proposed by the president last year.

Here are some highlights of the 2017 budget:

The benchmark oil price was set at $44.5 per barrel and oil production retained at 2.2 million barrels of oil per day.

Statutory transfers to government agencies – including the National Assembly, National Judicial Commission, Niger-Delta Development Commission, INEC, Universal Basic Education, etc – received N434.4 billion, while N1.841 trillion was allocated for debt service.

Total recurrent expenditure stands at N2.987 trillion. A partial breakdown shows that the Ministry of Interior will receive N472.597 billion; Ministry of Education, N398.686 billion; Ministry of Defence, N330.543 billion; Ministry of Youths and Sports Development, N89.316 billion; Ministry of Petroleum Resources, N63.222 billion; Ministry of Foreign Affairs, N56.424 billion; Office of the National Security Adviser, N76.281 billion; Secretary to the Government of the Federation, N51.933 billion; and State House, N22.947 billion.

Other items under recurrent expenditure include: Special Intervention Programme, N350 billion; Presidential Amnesty Programme, N76.7 billion; Settlement of Electricity Bills, N40 billion; and Military Operations, including Operation Lafiya Dole, N25 billion.

Total capital expenditure stands at N2.177 trillion, out of which the Ministry of Power, Works, and Housing will receive N553.713 billion; Ministry of Transportation, N241.709 billion; Ministry of Defence, N139.294 billion; Ministry of Water Resources, N104.245 billion; Ministry of Agriculture, N103.793 billion; Ministry of Industry, N81.726 billion; Ministry of Interior, N63.760 billion; and Ministry of Education, N56.72 billion.

Other items under capital expenditure include: Special Intervention Programme, N150 billion; Zonal Intervention Projects, N100 billion; North-East Intervention Fund, N45 billion; and Payment of Local Contractors’ debts/Other Liabilities, N20 billion.

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