President Muhammadu Buhari on Wednesday formally presented a N7.28 trillion federal government budget for 2017 to the joint session of the National Assembly for approval.
Christened the “Budget of Recovery & Growth”, President Muhammadu Buhari said the N7.28 billion budget was higher than the N6.07 trillion 2016 Appropriation by about 19.95 per cent.
- Benchmark crude oil price – $42.5 per barrel
- Oil production estimate – 2.2 million barrels per day
- Average exchange rate – N305 to the US dollar
- Aggregate revenue available to fund the federal budget is N4.94tn
- Deficit – N2.36tn (about 2.18% of GDP)
- The deficit will be financed mainly by borrowing which is projected to be about N2.32tn.
- N067tn of borrowing will be sourced from external sources while, N1.254tn will be borrowed from the domestic market.
- N100bn provided in the Special Intervention programme as seed money into the N1tn Family Homes Fund that will underpin a new social housing programme.
- N14bn allocated as counterpart funding for the Lagos-Kano, Calabar-Lagos, Ajaokuta-Itakpe-Warri railway, and Kaduna-Abuja railway projects.