What We Know About 2017 Budget

The Nigerian National Assembly (NASS) has today, 11th May 2017, passed the 2017 Appropriation Bill. This comes five months after President Muhammadu Buhari presented the budget to the assembly. It would be recalled that President Buhari presented a budget of N7.30 trillion to the National Assembly on December 14th, 2016. This budget passage was delayed due to the failure of committees to turn in their report to the appropriation committees after Ministries, Departments and Agencies (MDAs) defended their budgets.

What we know about the signed budget

The budget has been raised from N7.30 billion earlier proposed by President Muhammadu Buhari in December last year to N7.44 trillion.

It is a 33-page document and it will be scanned and uploaded online after the passage by the president.

For the first time in the history of Nigeria, the full details of the National Assembly's budget are in the appropriation bill.

NASS raised its budget by N10bn from N115bn to N125bn.

The breakdown shows that out of the N125 billion approved by the National Assembly, the management has a vote of N14,919,065,013, the Senate has an allocation of N31,398,765,886 while the House of Representatives will spend N49,052,743,983.

The breakdown of the management is N6,714,696,986 will be spent as personnel cost, N6,192,052,825 as overhead costs and N2,011,315,202 as total capital.

The Senate will spend N1,856,510,517 on personnel costs; N25,111,332,147 as total overhead costs and N4,430,923,222 as total capital .

The House of Representatives will spend N4,923,743,127 as total personnel costs; N39,635,756,179 as total overhead costs and N4,493,244,677 as total capital. Meanwhile, the total Budget for 2017 stands at N7.441 trillion.

Some other allocations are as follow:

Debt Service (Local & Foreign): N1,663,885,430,499.
Sinking Fund: N177,460,296,707.
Recurrent Non-debt expenditure: N2,086,176,493,860
Federal Executive Bodies: N1,413,441,659.90

Service wide Votes &Pension: N191,631,846,958

Other service wide votes: N138,700,000,000
Reforms to Special Acts: N40,000,000,000
Special Intervention recurrent (Heads):N350,000,000,000

Presidential Amnesty Programme Stipends: N766,700,000,000
Total Recurrent: N987,550,033,000
Capital Expenditure: N1,710,580,601,619.

Head of sub-total Federal Executive Bodies: N7,248,944,788
Head of Federal Executive Bodies:N1,717,829,446,407.

Nigerians will now wait for the president to sign the long-awaited budget into law in a few weeks. However, it is worthy to note that this will only be possible if there is no conflict between the Presidency and the Legislature with regards to the figures.