By Omeiza Ajayi
ABUJA – The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, will on Monday give a breakdown of the highlights of the 2017 Budget estimates presented on Wednesday to the National Assembly by President Muhammadu Buhari.
This was disclosed in a statement issued in Abuja and signed by the Media Adviser to the minister, James Akpandem.
He said, “those expected at the briefing, which will be held at the Banquet Hall of the State House in Abuja, include media practitioners, Heads of Federal Government Ministries, Departments and Agencies, Representatives of States and Local Governments, Private Sector Operators and Associations, Captains of industry and Civil Society Organizations”.
Presenting the broad estimates to the National Assembly on Wednesday, the statement recalled how President Buhari had said the implementation of the 2017 Budget will be based on government’s economic recovery and growth strategy.
“The Plan, which builds on the Strategic Implementation Plan for the 2016 Budget, provides a clear road map of policy actions and steps designed to bring the economy out of recession and to a path of steady growth and prosperity”, the statement added.
It quoted the president as saying the 2017 Budget is based on a benchmark crude oil price of US$42.5 per barrel; an oil production estimate of 2.2 million barrels per day; and an average exchange rate of N305 to the US dollar.
“Based on these assumptions, aggregate revenue available to fund the federal budget is N4.94 trillion. This is 28% higher than 2016 full year projections. Oil is projected to contribute N1.985 trillion of this amount.
“Non-oil revenues, largely comprising Companies Income Tax, Value Added Tax, Customs and Excise duties, and Federation Account levies are estimated to contribute N1.373 trillion. We have set a more realistic projection of N807.57 billion for Independent Revenues, while we have projected receipts of N565.1 billion from various Recoveries. Other revenue sources, including mining, amount to N210.9billion”, it added.