President Buhari today presented the 2017 budget to a joint session of the National Assembly. The President who was expected to present the budget at 10am was late due to his trip to Gambia.
The budget which is N7.28 billion, is tagged the budget of Recovery and Growth. It has a 20.4% increase from the 2016 budget. 30% of the budget will be for capital projects. The budget was based on crude oil benchmark price of $42.5 per barrel.
President while presenting the 2017 budget said the budget will be set at N305 per dollar.
He said; “The allocation of the presidential amnesty programme has been increased to N65 billion in 2017 budget. Furthermore, N45 billion in funding has been provisioned in funding for the rehabilitation of the northeast,”.
N520 billion out of the N7.298trn budget was allocated to the ministry of power, housing and works.
Capital expenditure gets 30.7 percent in the budget which is 20.4 percent bigger than the 2016 budget.
The allocation for the Presidential Amnesty Program me was also increased to N65 billion.
The Ministry of Agriculture will get N92 billion while the Ministry of interior capital expenditure is N63 billion.
President Muhammadu Buhari further said his administration will focus more on infrastructure in the coming year .
Buhari said more attention will be focused on road and rail construction.
He added that, “Though we cannot control the price of crude oil, we are determined to get our production back to at least 2.2million bpd.
“Facilitation of business and commerce must be the major focus of government agencies. Government must not become the bottleneck.
“In 2017, we will focus on the development of infrastructure, especially road and rail.
“During 2016, we conducted a critical assessment of the power sector, which is experiencing funding issues,”.
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