President Buhari laying the 2017 budget before the National Assembly. * Pix Source : financial watch
President Muhammadu Buhari today presented N7.298 trillion budget for 2017 to the National Assembly (NASS) in Abuja.
In his address at a joint session of NASS, Buhari while presenting the budget titled, “Budget of Recovery and Growth” stated that his administration would concentrate on rapid infrastructural development for the country, assuring that the government will continue to priortise defence spending.
According to him,” We will enhance public service delivery and capital expenditure to take 30 per cent of the budget.”
The President lamented that the drop in oil prices affected the 2016 Budget and that properties seized from looters have been converted to government offices.
This year’s N7.298 trillion budget is higher by 9.95 per cent compared to the 2016 Appropriation which was N6.07 trillion.
In this year’s budget the Federal Government a pegged the projected oil revenue at N1.985 trillion.
The breakdown of the 2017 budget allocations to ministries and government parastatals revealed that Power, Works and Housing ministry takes N529 billion, the largest chunk of the budget while Judiciary will receive N100 billion higher than the N30 billion allocated for judiciary in 2016.
