2017 nigeria budget latest news
Here are some of the latest news and updates on the 2017 Nigeria budget:
Budget Passage: The 2017 Nigeria budget was passed by the National Assembly on May 11, 2017, after several delays and controversies. The budget was signed into law by President Muhammadu Buhari on June 12, 2017.
Budget Size: The 2017 budget has a total size of N7.28 trillion (approximately $18.9 billion), which represents a 15.1% increase from the 2016 budget.
Sector Allocation: The budget allocates:
- 24.8% to recurrent expenditure (N1.79 trillion)
- 21.4% to capital expenditure (N1.55 trillion)
- 53.8% to debt servicing (N3.93 trillion)
Key Provisions: Some key provisions of the budget include:
- A 10% increase in the allocation to the Ministry of Education
- A 15% increase in the allocation to the Ministry of Health
- A 20% increase in the allocation to the Ministry of Agriculture
- A 30% increase in the allocation to the Ministry of Defence
- A 50% increase in the allocation to the Ministry of Transportation
Challenges: Despite the passage of the budget, there are concerns about the challenges that lie ahead, including:
- The need for increased revenue generation to fund the budget
- The impact of the budget on the economy, particularly in the context of the ongoing recession
- The need for effective implementation and monitoring of the budget to ensure that funds are used efficiently and effectively
Latest Developments: Some of the latest developments on the 2017 Nigeria budget include:
- The Federal Government's plan to increase revenue generation through the implementation of the Value Added Tax (VAT) and the introduction of a new tax regime
- The National Assembly's plan to conduct a thorough review of the budget to ensure that funds are used effectively and efficiently
- The Federal Government's plan to implement a new budgeting system to improve transparency and accountability in the management of public funds.
I hope this information is helpful. Let me know if you have any further questions!