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Amaechi With Buhari
President Muhammadu Buhari, on Wednesday, presented the 2017 budget proposals, to a joint session of the National Assembly.
The President also cashed in on the presentation of the budget, to unveil his economic recovery plan to the Lawmakers.
He said as part of plans to get the country out of recession, the Federal Government decided to devote more resources to some critical sectors of the economy.
Unlike the 2016 budget, where Works, Housing, and Power got N433.4 billion, the same Ministry in the 2017 budget, received a proposal of N529 billion. Also, the Transportation Ministry got N262 billion in the 2017 budget, while in the 2016 budget, the same Ministry got N202 billion.
Recall, that the Ministry of Power, Works, and Housing is headed by the Super Minister, Babatunde Fashola, while the Ministry of Transportation is headed by Buhari’s 2015 Campaign Director, Rotimi Amaechi.
On recurrent, N482.37 billion will be spent by the Ministry of Interior, N398.01 billion by the Ministry of Education, N325.87 billion by the Ministry of Defence, and N252.87 billion by the Ministry of Health.
Special Intervention Programmes will gulp N150, while Defence will get N140 billion, for capital expenditure.
Water Resources will get N85 billion, while Industry, Trade and Investment will get N81 billion.

Similarly, Interior will get N63 billion for capital expenditure, and Education will get N50 billion.
Universal Basic Education will get N92 billion, while Health gets N51 billion. The Federal Capital Territory will receive N37 billion, while the Niger Delta Ministry gets N33 billion. Niger Delta Development Commission on the other hand, will get N61 billion.
“This substantial expenditure is expected to stimulate construction activites throughout the country,” he said.
Explaining further, he said: “Efforts to fast-track the modernization of our railway system, will receive further boost through the allocation of N213.14 billion as counterpart funding for the Lagos-Kano, Calabar-Lagos, Ajaokuta-Itakpe-Warri railway, and Kaduna-Abuja railway projects. As I mentioned earlier, in 2016, we invested a lot of time ensuring the paper work is done properly, while negotiating the best deal for Nigeria. I must admit this took longer than expected, but I am optimistic that these projects will commence in 2017, for all to see.
He said the 2017 budget oil benchmark will be pegged at $42.50. This is a departure from the $38 per barrel, which was used for 2016 budget.
The daily oil production volume for 2017, he said, would be retained at 2.2 million barrels.
The exchange rate was put at N305 to a dollar.
The new exchange rate, is significantly higher than that of 2016. The 2016 budget exchange rate was pegged at N197 to a dollar.
Buhari said a total of N10 trillion is being targeted by the Federal Government as revenue, during the 2017 fiscal year. Out of this amount, about N5 trillion is expected to be generated from the sale of crude oil.
Non-oil revenues will rake in about N5.06 trillion. These revenues are expected to come from corporate and company taxes, Nigeria Liquefied out of the N7.298 trillion, Buhari said N1.488 trillion will be spent on servicing domestic debts. In the 2016 budget, the Federal Government earmarked N1.307 trillion.
On foreign debt, the Federal Government will spend N175.882 billion. It spent N54.480 on foreign debt servicing in the 2016 budget.
On capital expenditures, the Federal Government budgeted N2.058 trillion. In the 2016 budget, N1.587 was earmarked by the Federal Government for capital projects.

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