Tagged the “Budget of Recovery & Growth”, President Muhammadu Buhari on Wednesday, formally presented a N7.28 trillion federal government budget for 2017 to the joint session of the National Assembly for approval.
Speaking during the presentation, the president disclosed that the 2017 budget (N7.28 trillion) was higher than the 2016 of N6.07 trillion with about 19.95% increase from last year's appropriation.
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.
Further details of the proposed 2017 budget showed that government proposed to spend about N2.243 trillion on capital projects and N2.9 trillion as recurrent expenditure.
Also, 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.
We'll be bringing you more details later…