Buhari sends 2017 budget draft to assembly, wants almost N7tr
President Muhammadu Buhari has sent a draft budget framework for 2017 to the National Assembly, spelling out how the federal government plans to spend the country’s commonwealth in the coming year.
This draft however has to be approved by the parliament before the final budget is submitted
The proposed spending for 2017 is expected to reach the highest ever for Africa’s most populous nation; N6.866 trillion, a significant increase from this year’s budget of N6.06 trillion.
Nigeria’s economy has slipped into recession for the first time in more than 20 years because of low crude oil prices.
The problems have been worsened by attacks on pipelines that have reduced oil production, which was 2.1 million barrels per day (bpd) at the start of 2016, by 700,000 bpd. Buhari’s plan assumes production of 2.2 million bpd at a price of $42.5 per barrel.
