President Buhari presents 2017 budget to National Assembly

President Muhammadu Buhari has presented a N7.298 trillion 2017 budget. Buhari while presenting the budget at the Senate on Wednesday, said that “We will continue to fortify our defence spending till all our enemies within and without are subdued.”

He said, “The people who voted for us are waiting for us to change the course of this nation.”

The Senate President, Bukola Saraki and the House Speaker, Dogara received President Buhari for the #2017Budget Appropriation Bill Presentation on Wednesday.

President Buhari, during the presentation, benchmarked the 2017 budget at N305 naira against one US dollar ($1) with 2.2 million barrels, saying that the #2017budget proposal is 7.298tn, representing 20.4% increase over the 2016 estimate. Buhari said ” We are increasing funding to the judiciary in order to allow them function even better.”

N100 billion is allocated to judiciary. Buhari also Benchmarked Oil Price at $42.5 per barrel and said that, “In 2017, we will focus on the development of infrastructure, especially rail, road and power.” In the budget, provisions for capital expenditure is N2.24tn.

Health took 51 billion, Industry took 81 billion while Defense took 140 million. Buhari said he expects the #2017budget to better the lives of Nigerians in a greater measure than that of 2016.

He said the Estimated aggregate revenue for 2017 is 4.94 trillion. He concluded #2017budget presentation speech by thanking the National Assembly for its support and assuring Nigerians of results in 2017.

The @NGRPresident @MBuhari now formally lays the #2017Budget before the joint session of the @nassnigeria.

Meanwhile, the Minister of Budget and National Planning, Udoma Udoma says the federal government intends to spend 10 trillion naira and will issue new oil licenses as part of efforts to explore new streams of revenues to fund the 2017 budget.

Udoma made this known when he appeared before the Senate joint committee on appropriation and finance to defend the revised Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).

He said that the federal government would also review the current joint venture arrangements with oil companies, marginal oil fields as well as mount pressure on revenue generating agencies to surpass expected targets.

Udoma said a total of 10 trillion was being targeted by the federal government as revenue for the 2017 fiscal year.

According to him, out of this amount, about 5 trillion Naira is expected to be generated from the sale of crude oil. Non-oil revenues will rake in about 5.06 trillion Naira.