Monday, June 12, 2017 8.00pm/Proshare WebTV
Acting President Professor Yemi Osinbajo (SAN) today in the presence of the Senate President Dr. Bukola Saraki and House Speaker Rt.Hon Yakubu Dogara, signed the 2017 appropriation bill into law.
The 2017 Budget which is now N7.44trl was increased by the National Assembly, from the initial N7.29trl proposed by the executive.
At the official signing ceremony the Ag. President described the process of preparing and processing the 2017 Appropriation Bill as smoother than that of 2016.
Prof Osinbajo noted that this time there were no allegations of errors, or mistakes, and there was a significant improvement in the quality of the preparation, as well as presentation.
On the delay in signing, the Acting President attributed it to disagreements between the Presidency and National Assembly on the changes introduced to budget proposals, which he said could hamper the implementation of priority programmes by the government.
He commended the leaders of the National Assembly for their statesmanship and patriotism in resolving the issues around the 2017 budget .
Speaking further he said “I am also pleased to mention that, in our discussions with the leadership of the National Assembly, we have jointly resolved to return to a predictable January to December fiscal year”.
Osinbajo expressed confidence in the Budget 2017 ability to deliver positive economic growth and prosperity for the nation, that is self-sustaining and inclusive.
Giving further insight he stressed that the budget has a revenue projection of N5.08 trillion and an aggregate expenditure of N7.44 trillion. The projected fiscal deficit of N2.36 trillion is to be financed largely by borrowing.
On the concerns across the country of the growing debt profile, he assured that several steps are being taken to grow government revenues as well as plug revenue leakages.
According to him “Notwithstanding the fact that our borrowings are still within sustainability limits, we are determined, in the medium term, to reduce our reliance on borrowings to finance our expenditures”.
Further details of the 2017 Budget, as approved by the National Assembly will be made available by the Minister of Budget and National Planning.