Senate to pass 2017 Budget Thursday

Senate to pass 2017 Budget Thursday
May 09 13:52 2017

The Senate has announced plan to pass the 2017 Appropriation Bill into law on Thursday.

The Upper Chamber received the report of the Joint Committee on Appropriation and Finance on the Bill during Tuesdays plenary, four days after the expiration of the 2016 fiscal year.

Senate President, Dr Bukola Saraki, commended the Danjuma Goje- led committee for a job well done, adding that the lawmakers would ensure the passage of the Bill on Thursday.

“This is history been made, because this is the first time report of the Appropriation Bill will be laid with details.

“Because of that, by tomorrow (Wednesday) you will get hard copies of the report, but the soft copy will be ready today.

“We will distribute them and ensure we pass the bill on Thursday,’’ he said.

President Muhammadu Buhari had presented a budget proposal of N7.30 trillion for the 2017 fiscal year before a Joint Session of the National Assembly on December 14, 2016.

According to the details of the proposal, the sum of N2.24 trillion, representing 30.7 per cent, will be committed to capital expenditure, while N2.98 trillion will go to recurrent spending.

Also, the oil benchmark price was set at 42.5 dollar per barrel and a production estimate of 2.2 million barrels per day.

The aggregated revenue available to fund the budget was put at N4.94 tn, which is 28 per cent higher than that of 2016.