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FG proposes to spend N6.8tr in 2017

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FG proposes to spend N6.8tr in 2017

The Federal Government has made a budget proposed of N6, 866,335,052,740 for 2017.

This was contained in the Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP, President Muhammadu Buhari submitted to the Senate on Tuesday.

According to the documents debt servicing will take up N1.6 trillion, about 24 per cent of the total estimates, while a total sum of N350 billion will be spent on special intervention programmes in 2017 compared to N300 billion earmarked in 2016.

Also, N65 billion will be spent on the Amnesty programme compared to N20 billion budgeted for the same project in 2016.

Read also: Proposed NLNG sale causes contract stoppage, uneasy calm

According to the documents, the federal government also pegged oil output for 2017 at the same figure for 2016 at 2.2 million bpd but upped the projected benchmark for the price of crude over that of 2016 at $42.50 per barrel.

The benchmark for 2016 was $38.

Similarly, the government pegged the average exchange rate for 2017 at N290.00 per dollar.

The proposed budget estimates for 2017 is an improvement on the 2016 figure which stood at N6,060,677,358,227.

But some analysts have reasoned that with the 2016 budget still suffering lack of funds, which is stalling its implementation due to the instability in the oil and gas sector following militancy in the Niger Delta region, without first of all fining a lasting solution to the crisis, the 2017 budget might suffer the same fate.

By Timothy Enietan-Matthews….

 

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