Senate Receives 2017 Budget Report, Schedules Thursday For Passage
The Nigerian Senate has received a report of the Joint Committee on Appropriation and Finance on the Appropriation Bill, 2017, paving way for the passage of the budget soon.
The report was presented on Tuesday during plenary.
After its presentation, the Senate President, Dr. Bukola Saraki, pointed out that it was the first time that the appropriation bill would be presented with details.
He said that the soft copies of the 2017 budget would be given to the Senate on Tuesday while the hard copies would be handed over to the Senate on Wednesday.
The Senate President also stated that the bill would be passed on Thursday.
It is nearly five months since President Muhammadu Buhari submitted the budget to the National Assembly.
Since December 14, Nigerians are looking forward to seeing the 7.30 trillion Naira budget passed, as it will add a major impetus to the government's efforts to reflate the oil-rich nation's economy that is already in recession.
A total of 2.24 trillion Naira representing 30.7 per cent, will be committed to capital expenditure while 2.98 trillion Naira will go to recurrent spending.
The oil benchmark price was set at $42.5 per barrel and a production estimate of 2.2 million barrels per day.