President Muhammadu Buhari on Wednesday presented a budget N7.289 trillion for the 2017 fiscal year to a joint session of the National Assembly.
The president said “In 2017, we will focus on the rapid development of infrastructure, especially rail, roads and power… In 2016, we made a lot of progress getting the necessary studies updated and financing arrangements completed… Nigerians will soon begin to see the tangible benefits in 2017”.
He also stated that government’s priorities in 2017 will be a continuation of its 2016 plans but adjusted to reflect new additions made in the Economic Recovery and Growth Plan.
“With regard to expenditure, we have proposed a budget size of N7.298 trillion which is a nominal 20.4% increase over 2016 estimates. 30.7% of this expenditure will be capital in line with our determination to reflate and pull the economy out of recession as quickly as possible.
“This fiscal plan will result in a deficit of N2.36 trillion for 2017 which is about 2.18% of GDP. The deficit will be financed mainly by borrowing which is projected to be about N2.32 trillion. Our intention is to source N1.067 trillion or about 46% of this borrowing from external sources while, N1.254 trillion will be borrowed from the domestic market”, Buhari said.
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