Dear Nigerians, Here Are 12 Things You Should Know About The 2017 Budget
The Acting President, Yemi Osinbajo, made history on Monday after he signed the 2017 Appropriation Bill into law.
Osinbajo signed the budget – N7.44 trillion – at about 4:40 p.m. yesterday inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials.
Osinbajo, while describing the budget signing as a milestone in the implementation of the economic and growth plan programme put in place by Mr. Buhari in April, also noted that it had fewer errors than that of last year.
In the meantime, here are 12 things you should know about the 2017 budget below:
- For the first time ever, the 2017 Budget was collated using a web-based application that allowed Ministries, Departments and Agencies to upload their budget proposals to the new budget preparation portal, making the preparation process more efficient and transparent process.
- President Buhari presented the draft 2017 Budget proposal to a Joint Session of the National Assembly on December 14, 2016.
- The National Assembly passed the 2017 Appropriation Act five months later on May 11, 2017.
- Signing of the Budget was delayed because of disagreements over deductions by the National Assembly in the draft document from allocations to some critical infrastructure projects, including the standard gauge railway, Mambilla Power Project, the Second Niger Bridge, and Lagos–Ibadan Expressway, and reallocated to new projects introduced by the lawmakers.
- Following extensive dialogue, the lawmakers are to restore the funding on the projects during the budget year.
- The Federal Government has returned the country to a January–December budget calendar, starting from the 2018 budget.
- The Executive is to submit the draft 2018 budget to the National Assembly by October 2017, while the Assembly pass the budget into law before the end of 2017.
- Total expenditure in the Appropriation Act N7.44 trillion.
- Total expected revenue is N5.08 trillion.
- Projected deficit is N2.36 trillion, to be financed largely through borrowing.
- N2 trillion is approved for capital expenditure (principally infrastructure), with more than N500 billion directed into investments in roads, power and housing projects;
- N46 billion for Special Economic Zone Projects to be set up in each geopolitical zone.