In the 2017 budget forwarded to the Senate on Tuesday, October 4, President Muhammadu Buhari proposed to spend approximately N6. 9 trillion for the fiscal year.
The figure, which according to the President is aimed at restoring the economy to a sustainable inclusive growth path, is nearly a trillion naira more than the 2016 budget of N6.06 trillion.
Buhari sent the document to the Senate President, Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara.
He said the document articulates the government’s economic, social and developmental objectives and the strategies for achieving them.
The President stated that the decline in oil price since mid-2014 has continued to expose the country’s economy to both domestic and external vulnerabilities.
Oil benchmark has been increased to $42.5 per barrel from the $38 in the 2016 budget.
The exchange rate also went up from N197 per dollar to N290 but the daily crude oil production of 2.2 million was retained.
The sum of N2.6 trillion is for recurrent (non-debt) expenditure, N1.8 trillion for capital expenditure; N1.6 trillion for debt service and N370 billion for statutory transfers.