In a bid to enable Nigerians to understand the budget and key in for its successful implementation in line with the Buhari led administration’s economic recovery plan, the Federal Government has unveiled a guideline for 2017 budget.
Making the disclosure during the 2017 budget breakdown in Abuja, Minister of Budget and National Planning, Senator Udoma Udo Udoma said that the projected revenue of government stands at N5.08 trillion, with 11 per cent coming from the, rather much-publicized recoveries of looted funds made so far.
Senator Udo Udoma explained that apart from the recovered funds, the budget will be mainly financed through borrowings projected at N2.32 trillion. Out of that amount, N1.07 trillion is intended to be sourced externally and the balance of N1.25 trillion will be sourced domestically. He added that N35 billion is expected as revenue from the sale of government property and privatization of state-owned enterprises.
In the N7.44 trillion 2017 budget, the Ministry of Power, Works and Housing gets the highest allocation for project execution while the Ministry of Interior receives the highest allocation for recurrent expenditure.
Tagged “budget of recovery”, the highly belated 2017 budget was finally signed by the Acting President Prof. Yemi Osibanjo last week though it was first presented on the 14th of December last year.