The House of Representatives, on Thursday, May 11, passed the 2017 budget of ₦7. 44 trillion to the presidency for assent. The House of Representatives passed the 2017 budget after adopting its report from the appropriation committee. The details of the 2017 appropriation bill shows that N434.4 billion was allocated for statutory transfer, N1.84 trillion for debt servicing and N177.46 billion for maturing bonds.
Recall that the National Assembly raised the budget by over N143bn, up from President Muhammadu Buhari’s original proposal of N7.298tn last Tuesday. The development came after the Nigerian Senate received the 2017 budget report from its joint Committees on Appropriation and Finance earlier today.
The 2017 budget report from the Senate joint Committees on Appropriation and Finance was laid before the Senate on Tuesday, May 9 by the Chairman of the Senate Appropriation Committee, Senator Danjuma Goje representing Gombe Central Constituency at the National Assembly, with the Senate President Bukola Saraki promising that the budget will be considered and passed on Thursday (today), May 11. President Muhammadu Buhari had on December 14, 2016, presented a budget proposal of N7.30 trillion for the 2017 fiscal year before a Joint Session of the National Assembly.
According to the details of the budget presented then by President Buhari, the sum of N2.24 trillion, representing 30.7 per cent, will be committed to capital expenditure, while N2.98 trillion will go to recurrent spending. Similarly, the 2017 budget had its oil benchmark price set at 42.5 dollar per barrel and a production estimate of 2.2 million barrels per day.
No comments:
Post a Comment