PMB Presents N7.3trn 2017 Budget Proposal To NASS Dec 14

Barring any change of plan, President Muhammadu Buhari will on December 14, 2016 present the N7.28 trillion proposed 2017 Appropriation to the joint session of the National Assembly.The proposed budget shows an increase of 19.95 per cent compared to the 2016 Appropriation of N6.07 trillion.Buhari, in a letter to the Senate president, Dr Bukola Saraki, which was read at plenary yesterday, requested 10am slot to enable him make a presentation of the budget and the administrations strategic plans to take the country out of recession.Part of the letter reads: I crave the kind indulgence of the National Assembly to grant me the slot of 1000 hours on Wednesday, the 14th of December, 2016 to formally address a joint session of the National Assembly on the 2017 budget proposal and our plans to get the country out of recession.Please extend, Mr Senate President, the assurances of my highest regards to the distinguished senators, as I look forward to addressing the joint session.The 2017 budget presentation by the president is expected to be predicated on parameters and assumptions already set out in the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to both chambers of the National Assembly about two months ago but are yet to be approved.Buhari, in the MTEF document, had proposed a budget profile of N6.9 trillion for the 2017 fiscal year, $42.5 per barrel as oil price benchmark, 2.2 million barrel per day as production level for oil and an exchange rate of N290 to a US dollar as exchange rate. This is aside projecting N1.765 trillion for capital expenditure and N2.563 trillion for recurrent (non-debt expenditure), with N1.639 trillion for debt servicing.LEADERSHIPs check indicate that when presented, the 2017 budget will be eight days earlier than this years budget which was presented on December 22 last year.As at the time of filing this report, the National Assembly Joint Committees on Finance, National Planning, Local and Foreign Debts and Appropriations, chaired by Senator John Enoh (PDP, Cross River Central), were meeting with Finance Minister Kemi Adeosun, her counterpart in Budget and National Planning, Udoma Udo Udoma, and directors-general of Budget Office and the Debt Management Office (DMO) ahead of the budget presentation.
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