UPDATE: President Buhari presents N7.298trn 2017 budget (photos, video)
President Muhammadu Buhari has presented the 2017 appropriation bill to the National Assembly.
The budget which is a N7.298 trillion proposal that will become effective immediately the Assembly approves and passes it back to the president for assent.
The N7.298tn proposed in the budget is a 20.4% increase over the 2016 estimate and the president's breakdown reveals why.
Some ministries witnessed increases in their budgetary allowances for improved service delivery.
READ ALSO: Save Nigerians, they are suffering – Saraki tells Buhari
The judiciary saw an increase in its funding 'to help it to perform even better', according to President Buhari, while ministries like power, works and housing also got increases.
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President Buhari noted that the need for increase in the funding of the power sector goes without saying. He noted that the ministry oversaw a critical sector in the government's drive to help the country recover from the economic recession.
The president also announced announced that the 2017 budget would also use a zero budgeting method like the 2016 budget in order to ensure transparency.
The president also assured Nigerians that the country would regain its economic strength on the basis of the provisions he has made in the 2017 budget.
READ ALSO: Pres. Buhari shifts 2017 budget presentation
Also, the president made provisions for more payments to ex-militants because according to him 'we all must be committed to ensuring there is peace in the Niger Delta'.
The National Assembly has promised to swiftly approve the budget but warned that it would monitor closely the implementation of the document.
Senate president and chairman of the national assembly Bukola Saraki assured President Buhari that the legislature is committed to passing the budget quickly for the recovery of Nigeria's economy but warned that it would deeply scrutinize the document.
Speaker of the House of Representatives Yakubu Dogara echoed a similar thought and hoped that the presidency would realise that the assembly would ensure that it did its best for Nigerians.
The 2016 budget was trailed by many controversies ranging from insertion of projects and monies (padding) by the national assembly to poor implementation by the executive.
Whether 2017 budget process would be different remains to be seen.
Watch video:
Source: Legit.ng
Akinyemi Akinrujomu Akinyemi Akinrujomu is a professionally-trained journalist with over 17 years of experience. His knowledge spans print, broadcast, and online media. He has worked in several top media organizations in Nigeria. He has also pioneered several print media publications. He is a graduate of History and International Studies from the Lagos State University and he also holds a professional National Diploma in Journalism. He loves reading, travelling and listening to music.
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