2017 budget nigeria news
Here are some key highlights from the 2017 budget of Nigeria:
Budget Size: The 2017 budget was N7.28 trillion (approximately $18.9 billion USD), which represents a 20.4% increase from the 2016 budget.
Revenue Projections: The government projected a revenue of N4.94 trillion (approximately $12.8 billion USD) for 2017, with a deficit of N2.34 trillion (approximately $6.1 billion USD).
Expenditure: The budget was allocated as follows:
- Recurrent expenditure: N2.98 trillion (approximately $7.7 billion USD)
- Capital expenditure: N1.38 trillion (approximately $3.5 billion USD)
- Debt servicing: N1.46 trillion (approximately $3.8 billion USD)
- Subsidy: N300 billion (approximately $770 million USD)
Key Projects: The budget allocated funds for several key projects, including:
- Power sector reform: N200 billion (approximately $520 million USD)
- Transportation infrastructure: N500 billion (approximately $1.3 billion USD)
- Agriculture: N100 billion (approximately $260 million USD)
- Education: N500 billion (approximately $1.3 billion USD)
- Healthcare: N100 billion (approximately $260 million USD)
Challenges: The 2017 budget was criticized for several reasons, including:
- Lack of transparency and accountability in the budgeting process
- Inadequate provision for critical sectors such as education and healthcare
- Over-reliance on oil revenue, which is vulnerable to fluctuations in global oil prices
- Failure to address the country's infrastructure deficit
Implementation: The 2017 budget was implemented from January 2017 to December 2017. However, the budget was not fully implemented due to several challenges, including:
- Delay in the passage of the budget
- Inadequate funding for critical sectors
- Corruption and mismanagement of funds
- Economic challenges, including a decline in oil prices and a recession in 2016.
Overall, the 2017 budget of Nigeria was criticized for its lack of transparency and accountability, and its failure to address the country's infrastructure deficit and other critical challenges.