President Muhammadu Buhari has presented the sum of N7.298 trillion for 2017 budget.
Buhari while presenting the budget at the Senate on Wednesday afternoon, said that “We will continue to fortify our defence spending till all our enemies within and without are subdued.”
He said, “The people who voted for us are waiting for us to change the course of this nation.”
The Senate President, Bukola Saraki and the House Speaker, Dogara received President Buhari for the 2017 Budget Appropriation Bill Presentation on wednesday.
President Buhari, during the presentation, benchmarked the 2017 budget at N305 naira against one US dollar ($1) with 2.2 million barrels, saying that the 2017 budget proposal is 7.298tn, representing 20.4% increase over the 2016 estimate.
Buhari said ” We are increasing funding to the judiciary in order to allow them function even better.” N100 billion is allocated to judiciary.
Buhari also Benchmarked Oil Price at $42.5 per barrel and said that, “In 2017, we will focus on the development of infrastructure, especially rail, road and power.”
In the budget, provisions for capital expenditure is N2.24tn. Health took N51 billion, Industry took N81billion while Defense took N140 million.
Buhari said he expects the 2017 budget to better the lives of Nigerians in a greater measure than that of 2016.
He said the Estimated aggregate revenue for 2017 is N4.94 trillion. He concluded 2017 budget presentation speech by thanking the National Assembly for its support and assuring Nigerians of results in 2017.
