ABUJA – President Mohammadu Buhari yesterday, forwarded a possible direction for development of a 3-year Budget, beginning from 2017, to the National Assembly for their necessary approval.
Termed 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), the guide, President Buhari noted, was designed against the backdrop of a generally adverse global economic environment and fiscal challenges in the domestic economy.
In his letter to the NASS, Mr. President further noted that “in this regard, the 2017-2019 MTEF and FSP articulates the Federal Government’s economic, social, and developmental objectives, as well as, the strategies for achieving these defined objectives and priorities”.
However, details of the MTEF shows a projection of N6,866,335,052,740 Expenditure for 2017 fiscal year, which is N805 billion more than the current, 2016, fiscal year.
The FGN Retained Revenue (amount available to fund the 2017 Budget) has been projected at N4,169,172,496.951 which, is N314 billion above that of 2016.
Also, the oil bechmark is projected at $42.50 per barrel as against $38 for 2016, and Average Exchange Rate of N290 to the US Dollar as against proposed N197 in 2016.
Also, the MTEF retained 2.2 million barrel per day production of crude oil, and Statutory Transfers – N370,697,683,756, while N1,639,171,596,716 was projected for Debt Service.
Moreso, the Presidential Amnesty Programme has been projected to increase from its N20 billion of 2016 to N65 billion.
From the MTEF literature, “the trust of the fiscal year 2017 Budget is to restore the economy to a sustainable inclusive path”.
“Thirty-three per cent of the projected aggregate revenue to fund the 2017 Budget “is to come from oil sources, while the ballance, 67 per cent, is derivable from non-oil sources, in consonance with the government’s renewed focus on diversification of its revenue base”.
