President Muhammadu Buhari, has finally presented the 2017 budget of N7.298 trillion to a joint session of the National Assembly.
The budget, represent a total of 20.4% increase over the outgoing 2016 budget.
Further breakdown indicated that N419 billion was allocated for Statutory Transfers, N1.66 trillion for Debt Service, N2.9 trillion for Non-Debt Recurrent Expenditure and N2.24 trillion for Capital Expenditure.
According to the President, the budget when fully implemented has the capability of recovering Nigeria from its present state of recession.
He said, “In 2017, we will focus on the development of infrastructure, especially road and rail.
“During 2016, we conducted a critical assessment of the power sector, which is experiencing funding issues.
“Though we cannot control the price of crude oil, we are determined to get our production back to at least 2.2million bpd.
”Facilitation of business and commerce must be the major focus of government agencies.
Government must not become the bottleneck,” Buhari said.
The President arrived at the National Assembly Complex, around 1:58pm and was received by the Senate President, Bukola Saraki; and the Speaker, Yakubu Dogara.
After the opening prayers some minutes after 2pm, Saraki set the tone for the presentation and called for closer ties between the legislature and executive, and transparency in the budget process.
Earlier
In anticipation of the arrival of President Muhammadu Buhari, who just returned from Gambia, to the National Assembly, to present the 2017 budget, the three entrances leading to the Assembly Complex, Abuja, have been shut by security operatives.
Post-Nigeria, learnt that the situation has rendered entry into the complex a herculean task, as members of staff have been denied access, a situation that has also affected services within the complex.
At the time of this report, long queues of vehicles, and crowd of agitated people, were seen at the different entry points.
However, the Presidency has confirmed that Buhari is scheduled to visit the National Assembly by 2 pm, to officially present the estimates of the 2017 budget to Senators, and Members of the House of Representatives.
powered by sue.ng a legal search engine