THE federal government has proposed a budget of N7.28 trillion for the year 2017. The proposed appropriation budget represents an increase of about 19.95 percent over the 2016 of N6.07 trillion.
According to the Presidency, President Muhammadu Buhari is set to present the budget on December 14, to a joint session of the National Assembly. The president has a sent a letter informing the National Assembly of his readiness to present the budget on the day.
“We are waiting for the leadership of the National Assembly to communicate back to the President by confirming the date for him to make his presentation to the two houses,” a official who is not qualified to speak to the press said.
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.
In the same vein, the federal government was said to have pegged the exchange rate at N305 to the dollar.
In the 2016 Budget, crude oil benchmark price was put at $38 per barrel, while production level was 2.2 million barrels per day.
However, following renewed attacks on oil facilities in the Niger Delta region by the Niger Delta Avengers, a militant group, the production estimates dropped by a third of the capacity, before rising later to about 1.19 million barrels per day.
— Dec 6, 2016 @ 16:15 GMT