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Friday, May 12, 2017

NASS passes 2017 Budget, raises it from N7.3trn to N7.44trn

Chairman of the Joint Committee on Appropriation, Sen. Danjuma Goje laying the report during Senate plenary.
The National Assembly on Thursday passed the 2017 Appropriation Bill, raising the figure from N7.30 trillion presented by President Muhammadu Buhari on Dec. 14, 2016, to N7.44 trillion. In separate sessions, both chambers of the assembly approved the Bill with the same figure, which represented an increase of about N143 billion from the amount proposed by the president, after harmonising their reports. 

At the senate, the passage of the Bill followed the presentation of the report on it by the Chairman, Committee on Appropriation, Sen. Danjuma Goje, at plenary. In the approval, Statutory Transfers got N434 billion, N1.8 trillion for Debt Servicing, N177.5 billion for Sinking Fund for Maturity Bonds and the N2.99 trillion for Recurrent Non-Debt Expenditure.

The chamber pegged crude oil production for the budget at 2.2 million barrels per day, with foreign exchange rate of N305 to a dollar. Presenting the report earlier, Goje had said that the increase in the 2017 budget was informed by the need to make budgetary provisions to some critical sectors of the economy.

“The committee made some landmark interventions in the critical sectors of our national life. This includes the provision for second Abuja runway and rehabilitation and upgrading of Abeokuta Airport. We have also made adequate provision for the completion and take-off of Barinda Port under the Nigeria Inland Waterways. We also have provision for the Amnesty Programme to ensure full stability and peace in Niger Delta with the obvious increase in oil production,’’ he said.

In a voice vote, the lawmakers passed the Bill, and urged the executive to ensure that the budget was implemented fully.

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