Indications have emerged, Tuesday, that all is now set for President Muhammadu Buhari to present a budget of N7.28 trillion for the year 2017 to the National Assembly.
The National Assembly is expecting President Buhari to present the budget before the legislative arm on December 14.
In the 2017 Appropriation Bill, crude oil benchmark price is said to be pegged at $42.5 per barrel, whereas in the 2016 budget, the price was put at $38 per barrel.
The Federal Government, in preparing the budget, reportedly pegged the exchange rate at N305 to the dollar, a source in the Presidency told PREMIUM TIMES.
“The 2017 Budget is ready and has been considered by the Executive council of the Federation. A total spending of N7.28 trillion is being proposed for 2017,” the source said.
“Next year’s budget was also predicated on an exchange rate of N305 to a dollar. The figure was the prevailing exchange rate as at the time the 2016-19 Medium Term Expenditure Framework (MTEF) was prepared in August 2016.
“We are waiting for the leadership of the National Assembly to communicate back to the President by confirming the date for him to make his presentation to the two houses,” the official said.