The lawmakers of the National Assembly is set to receive President Muhammadu Buhari's proposed 2017 fiscal year budget which have already been approved by the federal executive council.
President Buhari presiding over Federal Executive Council meeting
Speaking exclusively to
DailyTrust, a source to the presidency has disclosed that President Muhammadu Buhari has proposed a budget of N7.2 trillion for the 2017 fiscal year, adding that the Federal Executive Council approved the 2017 Appropriation Bill on Wednesday during a 6-hour meeting presided over by the president.
"The budget estimate that will be laid before the National Assembly for the year 2017 is N7.2 trillion. This is what FEC approved," the source hinted.
This is about 24% higher than the 2016 budget which is N6.06 trillion.
While briefing State House correspondents after the meeting, the Minister of Budget and Planning, Udoma Udoma, confirmed that the council approved the 2017 budget proposal, adding that the president would communicate the Appropriation Bill to the National Assembly; while the legislature would use its discretion to decide when it will be presented.
The minister also stated that the implementation of the 2016 budget had been affected by revenue shortfall. He, however, said the Federal Government had released N800 billion for capital projects and had paid 100 percent on personnel.