FG to spend N6.8 trillion in 2017
Federal Government plans to spend N6.86 trillion next year, according to the 2017/2019 medium term expenditure framework and fiscal strategy papers submitted by President Buhari to the senate for consideration.
The proposed 2017 budget is higher than the outgoing budget, which has an estimated expenditure of N6.06 trillion.
The proposed 2017 budget is based on the projected production of 2.2 million barrels of crude oil daily and a benchmark price of $42.50 per barrel.
Other highlights of the proposed budget are the foreign exchange rate of N197 for a dollar, as well as capital expenditure of N1.76 trillion; recurrent expenditure of N2.5 trillion, and a debt servicing charge of N1.63 trillion.
The Appropriation Bill for the proposed budget is expected to be sent to the National Assembly, after the passage of the 2017/2019 medium term expenditure framework and fiscal strategy papers sent to the Senate for consideration.