PRESIDENT BUHARI TO PRESENT 2017 APPROPRIATION BILL TO SENATE

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PRESIDENT BUHARI TO PRESENT 2017 APPROPRIATION BILL TO SENATE

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President Muhammadu Buhari in a bid to fast track national development has notified the Senate of his intention to present the 2017 budget for approval.
President Buhari

President Buhari

The bill, ear-marked at N7.28trillion signifies an increase of about 19.95% over 2016’s budget which was at N6.07trillion.President Buhari is to present the Bill on December 14th, much later than expected.Several differences occurred in areas such as the Recurrent expenditure which recorded a 15.44% increase to be placed at N2.9trillion in the proposed budget against 2016’s N2.65 trillion ; Capital expenditure formerly pegged at 1.8trillion in 2016, rose by 9.43% to settle at 2.65trillion ; and the Oil Benchmark which was at $38/barrel,  rose to $42.5/barrel. Exchange rate initially at $197.5/$1 saw an increase to $305/$1 due to the incessant fall of the Naira against Dollars.A source from the Executive team confirmed the President’s preparation to present the bill before the House saying “We are waiting for the leadership of the National Assembly to communicate back to the President by confirming the date for him to make his presentation to the two houses.”The proposed Bill showed no room for salary increment but reports say the government plans a poverty reduction program which will be unveiled in December 2016 and read to the House by the Minister for Budget and National Planning, Udoma Udoma.“This is a long term economic plan for the nation. It is a more comprehensive economic plan to marshal out roadmap to turn around the economy and reposition Nigeria on the path of sustainable growth and development. It is not just about growth, it encompasses development,” the official said.The Federal government releases 2017 Appropriation bill 17 days earlier than that of 2016, presented to the House on December 22nd, 2015.

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