The National Assembly (NASS), yesterday, passed the 2017 Appropriations Bill, raising the budget from N7.28 billion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.
Here is a compilation of 10 Significant things you need to know about the 2017 budget passed by NASS.
- The budget has been raised from N7.30 billion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.
- The increase in expenditure came with a significant mark up in the benchmark crude oil price to $44.5 per barrel from the N42.5 per barrel proposed by the President.
- It is a 33 page document and it will be scanned and uploaded online after the passage by the president.
- 30 per cent or N2.18 trillion was allocated to capital expenditure, while recurrent expenditure (non-debt) and debt service received N2.987 trillion and N1.84 trillion respectively.
- debt service allocation comprise N1.488 trillion to service domestic debt; N175.88 million to service foreign debts, while N177.46 million is to retire maturing loans.
- For the first time in the history of Nigeria, the full details of the National Assembly’s budget are in the appropriation bill.
- NASS raised its budget by N10bn from N115bn to N125bn.
- The breakdown shows that out of the N125 billion approved by the National Assembly, the management has a vote of N14,919,065,013, the Senate has an allocation of N31,398,765,886 while the House of Representatives will spend N49,052,743,983. The breakdown of the management is N6,714,696,986 will be spent as personnel cost, N6,192,052,825 as overhead costs and N2,011,315,202 as total capital.
- The Senate will spend N1,856,510,517 on personnel costs; N25,111,332,147 as total overhead costs and N4,430,923,222 as total capital .The House of Representatives will spend N4,923,743,127 as total personnel costs; N39,635,756,179 as total overhead costs and N4,493,244,677 as total capital.
- The total Budget for 2017 stands at N7.441 trillion.
***Nigerians will now wait for the president to sign the long-awaited budget into law in a few weeks.
Some other allocations are as follow:
Debt Service (Local & Foreign): N1,663,885,430,499.
Sinking Fund: N177,460,296,707.
Recurrent Non-debt expenditure: N2,086,176,493,860
Federal Executive Bodies: N1,413,441,659.90
Service wide Votes &Pension: N191,631,846,958
Other service wide votes: N138,700,000,000
Reforms to Special Acts: N40,000,000,000
Special Intervention recurrent (Heads):N350,000,000,000
Presidential Amnesty Programme Stipends: N766,700,000,000
Total Recurrent: N987,550,033,000
Capital Expenditure: N1,710,580,601,619.
Head of sub-total Federal Executive Bodies: N7,248,944,788
Head of Federal Executive Bodies:N1,717,829,446,407.
