President Muhammadu Buhari has written the National Assembly to notify the upper chamber of his intention to present the 2017 Appropriation Bill to the legislature on December 14, 2016.
The president’s letter to NASS was read by the President of the Senate, Senator Bukola Saraki, during plenary on Tuesday, December 6, with another copy of the letter sent to the Speaker of the House of Representatives.
READ ALSO: Buhari Writes NASS, Seeks To Borrow $29.9Bn
In the letter, the federal government proposed a budget of N7.28 trillion for the year 2017.
The proposed budget represents an increase of about 19.95 per cent over the 2016 Appropriation of N6.07 trillion.
Sources in the Presidency said details of the proposed appropriation were based on crude oil benchmark price of $42.5 per barrel and a daily crude oil production estimates at about 2.2 million barrels per day.
An official, who pleaded anonymity, because of the sensitive nature of the information said on Tuesday in Abuja, said:
“The 2017 Budget is ready and has been considered by the Executive council of the Federation. A total spending of N7.28 trillion is being proposed for 2017.”
“Next year’s budget was also predicated on an exchange rate of N305 to a dollar. The figure was the prevailing exchange rate as at the time the 2016-19 Medium Term Expenditure Framework (MTEF) was prepared in August 2016.”