/> Buhari Proposes N6.8trn 2017 Budget, N1.6trn For Debt Servicing | Welcome to praizeblog
 

PRESIDENT Muhammadu Buhari on Tuesday
unveiled a proposal to spend N6.8 trillion in 2017,
with debt servicing put at N1.6 trillion.


This was based on the Medium Term Expenditure
Framework read on the floor of the Senate on
Tuesday.

According to the MTEF, oil bench mark was put
$42.50 per barrel, with production projected to
be 2.2 million barrels per day and an exchange
rate of N290 to a dollar.

According to the MTEF, N65 billion will be spent
on the Amnesty programme compared to N20
billion budgeted for the same project in 2016.
N350 billion will also be spent on Special
Intervention Programmes in 2017 compared to
N300 billion earmarked in 2016.

The MTEF reads in part: “Provision in the MTEF
are drawn from the government’s development
priorities over the medium term, and more
specifically, driven by its fiscal strategy and
reflect the broad aggregates of the government’s
annual budget over the period.

“The aggregates revenue to the fund the 2017
Budget is projected to increase over the 2016
estimates of N3.855 trillion by about 8 percent
(or about N313 billion). 33 percent of this is to
come from oil sources while the balance is
derivable from non-oil sources – in consonance
with the government renewed focus on
diversification of its revenue base.

“The planned aggregates expenditure is
estimated to exceed the provision of N6.6 trillion
in the 2016 budget by 13.3 percent (or about
N806 billion).”

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