President Buhari to present N7.28 trillion budget for 2017

06 Dec 2016
Financial Nigeria

Summary

Recurrent expenditure will rise by 9.43 percent to N2.9 trillion in 2017 from N2.65 trillion this year.

Nigerian President Muhammadu Buhari

President Muhammadu Buhari has notified that National Assembly that he intends to present his 2017 budget estimates on December 14th. The president made the disclosure via a letter he sent to the legislature, which was read by Senate President Bukola Saraki on Tuesday.

According to the Premium Times, the proposed budget will be worth N7.28 trillion, which is 29 percent higher than the 2016 budget of N6.06 trillion. The budget reportedly has a benchmark oil price of $42.5 per barrel, an exchange rate of N305 per dollar, and daily oil production of 2.2 million barrels of oil per day.

The proposed capital expenditure for 2017 stands at N2.078 trillion, which is 15.44 percent higher than the N1.8 trillion budget this year. Recurrent expenditure will rise by 9.43 percent to N2.9 trillion in 2017 from N2.65 trillion this year. However, social investment spending will remain unchanged at N500 billion.


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