The Federal Government has proposed a budget of N7,281,361,611,853 for the year 2017. The proposed budget represents an increase of 19.95 percent over the 2016 Appropriation of the N6.07 trillion.
This came as President Muhammadu Buhari formally told the Senate, yesterday, that he would present the budget proposal before a joint session of the Senate and House of Representatives next Wednesday.
In a letter read by Senate President, Bukola Saraki, at plenary, President Buhari said the 2017 budget would contain proposals and packages that would lead Nigeria out of the present economic recession.
An online news portal, Economic Confidential, yesterday, reported that a highly placed Presidency official confirmed the budget details in Abuja, adding that the government pegged the exchange rate at N305 to a dollar.
According to the online news portal, "the source disclosed that the 2017 budget was based on a crude oil benchmark price of $42.5 per barrel and a production estimate of 2.2 million barrels per day.
"In the 2016 Budget, the crude oil benchmark price was $38 per barrel, while production level was 2.2 million barrels per day. Crude oil production level, however, dropped to 1.9 million barrels per day due to the activities of Niger Delta militants.
It said: "The 2017 budget is ready and has been considered by the Federal Executive Council (FEC). A total spending of N7,281,361,611,853 is proposed for 2017.
The Vanguard
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