2017 Budget: Buhari presents document to National Assembly today

President Muhammadu Buhari presenting 2016 budget to Nigerian lawmakers

On Wednesday, President Muhammadu Buhari will present the 2017 Appropriation Bill to a joint session of the National Assembly.

The document will be the second one to be presented by the President after his inauguration in May 2015.

Buhari, who will be accompanied by top government officials, is expected to present the document to the National Assembly at 10:00 am.

The Federal Executive Council had on November 30 approved the document for presentation to the National Assembly.

Speaking to State House correspondents at the end of the council’s meeting, the Minister of Budget and National Planning, Udo Udoma, who refused to reveal the details of the Appropriation Bill proposal as approved by the council.

He said it was only the President who would unveil the document on the floor of the National Assembly.

“The 2017 budget has been approved by the Federal Executive Council and the details will be revealed when the President presents the Appropriation Bill to the National Assembly.” Udoma said

The budget of N6.07tn for 2016 was predicated on a benchmark price of $38 per barrel of crude oil and N197 to a dollar exchange rate.

Chronicle NG had earlier reported that the Presidency wrote the national assembly informing them of the budget presentation.

“Mr President will be presenting a budget proposal of 7.28 trillion naira on a benchmark of $42.5 hinged on a daily oil production of 2.2 million barrels per day,” said a senior civil servant, who did not want to be named.

A second senior civil servant, who also wanted to remain anonymous, said those were the figures in the spending plan.

Last month, lawmakers said the 2017 draft budget framework, used to draw up the final spending plan, was based on unrealistic assumptions about oil production and the currency exchange rate.

“We believe that with the level of ongoing negotiations and consultation going on with the people of the Niger Delta we can achieve and sustain that production level for the year,” the civil servant said.

The spending plans must be agreed by parliament before being sent back to the president to be passed into law.

It could be months before a final budget is passed into law. The 2016 budget became law in May after being delayed by several months by wrangling between the government and the Senate, the upper house of parliament.