Some lawmakers have disagreed over the 7.298 trillion Naira 2017 budget of recovery and growth presented to the National Assembly by President Muhammadu Buhari.
While, a number of them applauded the strategy outlined by the president, others are concerned about funding of the proposed budget and its focus.
Addressing a joint session of the National Assembly on Wednesday, President Buhari said that the implementation of the 2016 budget was hampered by low crude oil prices.
The 2017 figure however has an increase of 20.4% over the 2016 figure.
Budget Breakdown
The 2017 budget is based on a crude oil benchmark price of $42.50 per barrel, with an output of 2.2 million barrels per day.
The highlights of the budget include improved business environment, governance as well as security of lives and property.
Government’s expenditure is to be funded with the sum of 4.94 trillion Naira while oil is to contribute 1.98 trillion Naira of the amount.
The deficit of 3.63 trillion Naira, which is 2.18% of GDP, is to be financed through borrowing the sum of 2.23 trillion Naira.
Of this sum, 1.7 trillion would be from external borrowing while 1.254 trillion would be sourced domestically.
Addressing a joint session of the National Assembly on Wednesday, President Buhari said that the implementation of the 2016 budget was hampered by low crude oil prices.
The 2017 figure however has an increase of 20.4% over the 2016 figure.
Budget Breakdown
The 2017 budget is based on a crude oil benchmark price of $42.50 per barrel, with an output of 2.2 million barrels per day.
The highlights of the budget include improved business environment, governance as well as security of lives and property.
Government’s expenditure is to be funded with the sum of 4.94 trillion Naira while oil is to contribute 1.98 trillion Naira of the amount.
The deficit of 3.63 trillion Naira, which is 2.18% of GDP, is to be financed through borrowing the sum of 2.23 trillion Naira.
Of this sum, 1.7 trillion would be from external borrowing while 1.254 trillion would be sourced domestically.
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