Nigeria 2017 budget project construction, transportation, national defense accounted for the bulk
Nigerian President Bukhari submitted a budget plan for the 2017 budget to the joint congressional meeting and presented a budget presentation entitled "Budget for Economic Recovery and Growth", announcing his economic recovery plan.
According to the plan, the budget for the 2017 fiscal year in Nigeria is 7.29 trillion Naira, 20% higher than the 606 billion in 2016. The total capital is 2.24 trillion, 30.7% higher than in 2016; recurrent expenditure of 2.98 trillion, the expected income of 4.9 trillion, an increase of 28% over 2016, the deficit of 3.36 trillion, accounting for 2.18% of gross domestic product %. Budget oil base price of 42.5 US dollars / barrel, Nissan 220 million barrels, the exchange rate of 305 naira against a dollar. Sources include the federal government issuing new oil licenses, reviewing existing joint venture arrangements with oil companies, reviewing marginal oil fields, and putting more than expected target pressure on income-generating institutions.
In terms of spending, the government decided to devote more resources to some key economic sectors, with a total budget of 529 billion in housing, electricity and plants, which was 433.4 billion in 2016; 2626 billion in transportation, more than the 2016 budget 62.4 billion; defense expenditure of 325.87 billion rubles, health expenditure of 252.57 billion. Railway construction funds 2131.4 billion, will strive to speed up the modernization of the railway system
Nigerian finance minister said there was no choice but to borrow infrastructure
Nigerian Finance Minister Adeosun said at the 14th Annual Trust Dialogue that the federal government had no sufficient income to support key infrastructure projects, with the exception of borrowing from international financial institutions. She said that the Government's monthly staff expenditure of about 210 billion naira, and another 120 billion naira debt, the monthly expenditure of a total of 330 billion, and oil revenues difficult to meet the demand for funds.
Nigerian President Bukhari submitted a $ 29.9 billion external borrowing scrolling plan to the Senate in November 2016 to offset the budget deficit of $ 2.36 trillion, but was rejected by the Senate without details of the plan. Adeosun said that the existing is not the time we need to borrow without borrowing, and for economic growth, we have no choice but to find low-cost funds to finance infrastructure and lift the yoke of economic development.
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