With a benchmark oil price of $42.5 per barrel and oil production benchmark of 2.2 million barrel production per day, and Forex benchmark at N305/$1, Nigeria put its 2017 budget at N7.298tn which is 20.4% higher than that of 2016.
The Federal government has also put borrowing at N2.36tn- N1.067tn (Foreign), N1.25tn (Domestic).
The Buhari led government plans to fund the 2017 budget with quick revenue from oil ( N1.985tn), Non-oil (N1.73tn,) Independent (N807bn), Loot Recoveries ( N565bn ) and other sources( N210.9bn).
Expenditure breakdown is N419bn for statutory transfers, N1.66tn on debt service, N2.9tn on non-debt recurrent expenditure and N2.24tn for capital expenditure.
Another major take-away from the 2017 budget is Proposal raises of the Judiciary budget from N70bn to N100bn.
The key capital expenditure are; ower, W& H - N529bn Transportation - N262bn; Interior - N63bn, Education - N50bn, UBEC - N92bn, Health - N51bn, FCT - N37bn, Niger Delta - N33bn.
Other capital expenditures are; Special interventions - N150bn; Defence - N140bn; Water Resources - N85bn; Industry,Trade and Investment - N81bn.
While presenting the budget, President Buhari said the 2017 budget will take Nigeria out of recession but budget performance in Nigeria for the last few years has been very poor
Successive governments have failed to improve on the lives of the common man despite huge sums of money budgeted for the fiscal year.
Nigeria’s budget has grown from N948 billion in 1999 to N6.06 trillion in 2016.