President Muhammadu Buhari is set to present the 2017 federal budget to the National Assembly on Wednesday, December 14.The president is expected to propose a budget of N7.28 trillion, according to a report by Premium Times. According to the online newspaper, this figure, up from the 2016 budget of N6.07 trillion, is based on the crude oil benchmark price of $42.50 per barrel and an estimated crude oil production of 2.2 million barrels per day. The proposed budget also takes into account the exchange rate of N305 to one U.S. dollar.
"The 2017 budget is ready and has been considered by the Executive Council of the Federation," a source within the federal government disclosed to Premium Times. "A total spending of N7.28 trillion is being proposed for 2017."
According to this source, Mr. Buhari sent a letter to the National Assembly informing its members of his plans to present the budget next week. The president is waiting for the National Assembly to respond to confirm the date of the proposed budget presentation.
The source also revealed to the online media outlet that of the N7.28 trillion in the budget, N2.078 trillion would be spent on capital expenditures while N2.9 trillion would be allocated as recurrent expenditures. No allocation was made to increase the minimum wage or salaries for government workers.
He also disclosed that N500m would be allocated for social expenditures so as to mitigate the effects of the economic recession.