2017 Budget: Buhari to appear before Senate Dec.14
President Muhammadu Buhari will on December 14 2016 present the 2016 Appropriation Bill with whiich his administration plans to take the country out of recession to the joint session of the National Assembly..
The President in a letter addressed to the Senate President, Dr. Bukola Saraki, read at senate plenary Tuesday, requested for 10;00am slot to enable him present the budget and the strategic plans aim at leading the country out of recession.
The letter reads in part “I crave the kind indulgence of the National Assembly to grant me the slot of 1000 hours on Wednesday, the 14th of December, 2016 to formally address a joint session of the National Assembly on the 2017 budget proposal and our plans to get the country out of recession.
“Please extend Mr Senate President, the assurances of my highest regards to the distinguished senators, as I look forward to addressing the joint session”.
The 2017 budget presentation by the President is expected to be predicated on parameters and assumptions already set in the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sent to both chambers of the National Assembly about two months ago but yet to be approved.
Buhari in the MTEF document, proposed a budget profile of N6.9trillion for the 2017 fiscal year, $42.5 per barrel as oil price bench mark, 2.2million per day as production level for oil and an exchange rate of N290 to a US dollar aside projecting N1.765 trillion for capital expenditure while N2.563 trillion is for recurrent (non-debt expenditure) and N1.639 trillion for debt service.
As at the time of filing this report, the National Assembly Joint Committees on Finance, National Planning, Local and Foreign Debts and Appropriations chaired by Senator John Enoh (PDP Cross River Central) are meeting with Finance Minister Kemi Adeosun, her counterpart in Budget and National Planning Udoma Udo Udoma, Director General Budget Office and the Debt Management Office (DMO) ahead of the budget presentation.
