FG presents 2017 draft budget worth N6.8 trln to Senate

FG presents 2017 draft budget worth N6.8 trln to Senate

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The Federal Government has sent the draft budget for 2017 to Senate for approval, with details on its plans to spend N6.866 trillion in the year in order to pull the country’s economy out of recession.
The draft projects that oil price will be sold at $42.5 per barrel and production of 2.2 million barrels a day, as well as an exchange rate of N290 to the United States dollar.
The planned spending is up from this year’s 6.06 trillion naira budget and seeks to stimulate growth in Africa’s most populous nation by funding infrastructure development to increase manufacturing, create jobs and reduce costly imports.
According to the document, the thrust of the fiscal year 2017 budget is to restore the economy to a sustainable inclusive growth path and that the focus is to utilise targeted spending in critical sectors that have quick transformative capabilities. The framework has spending plans for 2017 to 2019 and must be approved by the Senate before the final budget for next year is submitted.
It could be months before a final budget is passed into law. The 2016 budget became law in May after being delayed by several weeks due to wrangling between the government and Senate.

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