Dateline Abuja: Analysing The 2017 Budget Pt.1

President Muhammadu Buhari has presented the second budget of his administration to the national assembly. The budget is aimed at pulling Nigeria out of recession and address key infrastructure across the country. Focus will be on the analysis on the workability of the proposal on this week’s episode of the programme.

7.298 trillion naira is the proposed sum government is looking at spending for the 2017 fiscal year. According to President Buhari, the implementation of the 2017 budget will be based on government’s economic recovery and growth strategy. In the interview segment, we’ll be looking at the budget proposal.

In a speech that lasted less than an hour, President Muhammadu Buhari explained to federal lawmakers how he plans to use the 2017 budget to pull the nation out of recession. Take a listen.

President Muhammadu Buhari presenting the second budgetary proposal of his administration to a joint session of the national assembly.

Tagged “the budget of recovery and growth”, president Buhari presented a proposal of 7.298 trillion naira for the 2017 fiscal year, 20.4% higher than the 2016 estimates. He gives a breakdown of the projections.

“the 2017 budget is based on a benchmark crude oil price of us$42.5 per barrel; an oil production estimate of 2.2 million barrels per day; and an average exchange rate of n305 to the us dollar.”

According to the budget proposal, recurrent expenditure is proposed at 2.98 trillion naira and 2.24 trillion naira for capital expenditure. Key capital spending provisions in the budget include the following:

• 529 billion naira for power, works and housing

• 262 billion for transportation

• 150 billion for special intervention programmes

• 140 billion for defence

• 81 billion for industry, trade and investment

• Education for 50 billion

• Universal basic education commission for 92 billion

• Health for 51 billion

“We will increasingly grow and process our own food, we will manufacture what we can and refine our own petroleum products. We will buy ‘made in Nigeria’ goods. We will encourage garment manufacturing and Nigerian designers, tailors and fashion retailers. We will patronize local entrepreneurs. We will promote the manufacturing powerhouses in aba, Calabar, Kaduna, Kano, Lagos, Nnewi, Onitsha, and Otta.”

President Buhari is hoping that the 2017 budget will address the nation’s recession and infrastructure deficit. But Nigerians have their expectations.

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