President Buhari Presents N7.298 Budget To National Assembly

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President Muhammadu Buhari on Wednesday presented a N7.298 trillion 2017 budget to a joint session of the National Assembly.

In his address, the president said his administration will continue to fortify the defence spending till all the enemies within and without are subdued.

He also added that there will be will focus on rapid infrastructural development for the country.

Named the “Budget of Recovery & Growth”, Mr. Buhari said the budget was higher than the N6.07 trillion 2016 Appropriation by about 19.95 per cent.

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.

Daily crude oil production estimate was put at about 2.2 million barrels per day, the same as the figure in last year’s budget, while the exchange rate was put at N305 to the dollar as against N197 to the dollar in 2016.

Also, the budget showed that government proposed to spend about N2.243 trillion on capital projects and N2.9 trillion as recurrent expenditure.

The 2017 proposed capital and recurrent expenditures were higher than the N1.8 trillion and N2.65 trillion respectively provided in the 2016 Appropriation, representing about 15.44 ‎and 9.43 per cent respectively.

About 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.

The President said he expects the 2017 budget to better the lives of Nigerians in a greater measure than that of 2016.