• Contact Us
  • About Us
Saturday, September 30, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Buhari to submit 2017 budget to lawmakers on Dec.14

metro by metro
December 6, 2016
in Economy
0
Buhari sends 2017 draft budget to Senate for approval
0
SHARES
0
VIEWS
Buhari
Buhari

President Muhammadu Buhari plans to submit next year’s spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion).

 The record spending plan will seek to boost spending to help pull Africa’s largest economy out of its first recession in 25 years, caused largely by low global oil prices. Crude sales account for two-thirds of government revenue.

Nigeria planned a 6.06 trillion-naira budget for 2016 but has struggled to fund it. Attacks on energy facilities in the Niger Delta region since January have reduced oil output, at one stage by more than a third, cutting revenue from crude sales.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

In a letter to lawmakers read to parliament on Tuesday, Buhari said he wanted to present his budget plans to a joint session of both chambers of parliament on Dec. 14. It did not provide details of the spending plan.

“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.

Budget Minister Udoma Udo Udoma last week said the cabinet had approved next year’s budget, although he did not provide further details.

 

Tags: Buhari
Previous Post

OPEC expected to deliver only half of target production cut

Next Post

Tanzania,Dangote Cement haggle over price of natural gas

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023
Economy

Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023

September 4, 2023
Next Post

Tanzania,Dangote Cement haggle over price of natural gas

UAE’s Brightest Minds to Enter Bybit’s Crypto Hackathon in UAE

September 29, 2023

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

September 29, 2023

Ethiopian Delegation to AFSIC – Investing in Africa 2023 Ethiopia – “The New Frontier Market, Opening Doors and Creating Opportunities”

September 28, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version