Nigeria’s budget estimate for 2017 was presented on Wednesday, December 14th by President Muhammadu Buhari to a joint session of the National Assembly. The president was seeking its approval for a N7.298 trillion spending plan.
Below are six things you know about the budget;
1.) The 2017 budget is tagged the “Budget of Recovery And Growth”
2.) N65 billion was fixed as amnesty payment to ex-militants which is an improvement from the 2016 budget which was budgeted at N20 billion.
3.) The 2017 budget is bench-marked at a $42.5 per barrel of oil.
4.) The Federal Government will borrow N2.32 trillion and pay a debt of N1.6 trillion
“This fiscal plan will result in a deficit of N2.36 trillion for 2017, which is about 2.18% of GDP. The deficit will be financed mainly by borrowing which is projected to be about N2.32 trillion,” Buhari said.
“The proposed aggregate expenditure of N7.298 trillion will comprise: Debt service of N1.66 trillion.”
5.) Federal Government expects N1.985 trillion from oil
6.) The Breakdown of the presented budget;
* NGN 100 billion goes to the judiciary as opposed to last year’s NGN 70 billion
* Defence – NGN 1540 billion;
* Power, Works and Housing – NGN 529 billion;
* Transportation – NGN 262 billion;
* Special intervention programmes – NGN 150 billion;
* Water resources gets NGN 85billion;
* Industry, Trade and Investments – NGN 81 billion;
* Interior ministry gets NGN 63ilion;
* Education is allocated NGN 50 billion;
* UBEC – NGN 92 billion;
* Health – NGN 51 billion
* The Federal Capital Territory gets NGN 37 billion;
* The Niger-Delta Ministry gets NGN 33 billion;
* NDDC – NGN 61 billion
The post 6 Things To Know About Nigeria’s N7.2 Trillion Budget For 2017 appeared first on LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS.
from LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS http://ift.tt/2hhzNu8
via IFTTT
