President Muhammadu Buhari.
President
Muhammadu Buhari on Tuesday sent a draft budget framework for 2017,
outlining spending plans for Africa's biggest economy, to the Senate for
approval.
The
figures contained in the document, referred to as the medium-term
expenditure framework, must be approved by the Senate before the final
budget is submitted.
Overall
spending for 2017 is expected to reach 6.866 trillion naira ($22.57
billion), up from this year's budget of 6.06 trillion - a record sum for
Africa's most populous nation.
Nigeria,
an OPEC member, slipped into recession for the first time in more than
20 years in the second quarter largely due to low global oil prices.
Crude oil sales account for about two-thirds of government revenue.
The
problems have been exacerbated by attacks on energy facilities that have
cut oil production, which was 2.1 million barrels per day (bpd) at the
start of 2016, by 700,000 bpd. Buhari's plan assumes production of 2.2
million bpd at a price of $42.5 per barrel.
The
proposal sent to parliament on Tuesday assumes an exchange rate of 290
Naira to the U.S. dollar and projects gross domestic product (GDP) to
grow by 3.02 percent. ($1 = 304.2500 naira).
Read more at http://www.dailytrust.com.ng/news/general/buhari-sends-2017-draft-budget-to-senate-for-approval/165249.html#ff9fZKZ7P6S11r4z.99
No comments:
Post a Comment