Nairametrics| The National Assembly passed the 2017 budget on Thursday May 11 2017. Lawmakers passed a budget if about N7.44 trillion for 2017, the highest ever by any Nigerian government.
Lawmakers had promised to pass the budget this week after missing out on an earlier target set last week. The budget was also passed about a week into the expiration of the 2016 budget.
Here are the highlights of the 2017 Budget;
- 2017 budget had a total budget sum of about N7,441,175,486,755
- Lawmakers used an assumed oil price of $44.5 a barrel for the budget compared to $42.5 earlier submitted by the presidency.
- Oil production is set at 2.2mbpd
- Exchange rate was set at N305/$1
- Debt Service (Local & Foreign) – N1,663,885,430,499.
- Sinking Fund – N177,460,296,707
- Total Debt Service – N1,849,345,727,206.
- Recurrent Non-debt expenditure – N2,086,176,493,860
- Capital Expenditure – N1,710,580,601,619
Table shows comparison between the budget passed by the National Assembly and that tabled by the Presidency.
| Key items | Presidency | NASS | Difference |
|---|---|---|---|
| In trillions of Naira | |||
| Budget size | 7.29 | 7.44 | 2.06% |
| Deficit | 2.36 | 2.21 | -6.36% |
| Borrowing | 2.32 | 1.66 | -28.45% |
| Local borrowing | 1.07 | 1.49 | 39.46% |
| Foreign borrowing | 1.25 | 0.18 | -85.97% |
| Debt service | 1.84 | 1.84 | 0.00% |
| Non debt recurrent | 2.98 | 2.086 | -30.00% |
| Capital | 2.24 | 1.71 | -23.66% |
| Oil benchmark in USD per barrel | 42.5 | 44.5 | 4.71% |
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