Minister to give breakdown of N7.30T budget on Monday

The Minister of Budget and National Planning, Sen.

The statement, issued by the minister’s Media Adviser, James Akpandem on Wednesday in Abuja, noted that Udoma would give breakdown of the budget proposal presented on Wednesday to the National Assembly by President Muhammadu Buhari.

The President said N2.24 trillion, representing 30.7 per cent of the 2017 budget, would be committed to capital expenditure, aimed at pulling the economy out of recession as quickly as possible.

Buhari said the capital expenditure was increased from N1.8 trillion in 2016 to N2.24 trillion in 2017.

The President also announced N2.98 trillion as recurrent expenditure for the 2017 fiscal year.

He said, having reviewed the trends in the global oil industry, government had decided to set a benchmark price of 42.5 dollars per barrel and a production estimate of 2.2 million barrels per day for 2017 fiscal year

Udoma then said heads of Federal Government Ministries, Departments and Agencies, representatives of states and local governments were expected to attend the Monday briefing.

Others stakeholders expected to attend, he said, were Private Sector Operators and Associations, Captains of industry and Civil Society Organisations.

The minister quoted Buhari as saying: “the implementation of the 2017 Budget will be based on government’s economic recovery and growth strategy.

“The Plan, which builds on the Strategic Implementation Plan for the 2016 Budget, provides a clear roadmap of policy actions and steps designed to bring the economy out of recession.

“It will also provide a clear path for steady growth and prosperity.”

The 2017 budget, tagged “Budget of Recovery and Growth”, was higher than the 2016 N6.08 trillion appropriation by about 19.95 per cent.