2017 nigerian budget news

Here are some key news and highlights from the 2017 Nigerian Budget:

Budget Overview

The 2017 Budget, also known as the "Budget of Recovery and Growth", was presented by President Muhammadu Buhari to the National Assembly on December 14, 2016. The budget had a total expenditure of N7.28 trillion (approximately $19.4 billion USD), with a revenue projection of N5.08 trillion (approximately $13.7 billion USD).

Key Highlights

  1. Economic Recovery: The budget aimed to stimulate economic growth, reduce inflation, and create jobs. It focused on infrastructure development, agriculture, and manufacturing.
  2. Infrastructure Development: The budget allocated N2.24 trillion (approximately $6.1 billion USD) for infrastructure development, including transportation, power, and housing.
  3. Agriculture: The budget allocated N43.4 billion (approximately $120 million USD) for agriculture, with a focus on increasing food production and reducing imports.
  4. Manufacturing: The budget allocated N15.4 billion (approximately $42 million USD) for manufacturing, with a focus on promoting local production and reducing dependence on imports.
  5. Social Sector: The budget allocated N1.45 trillion (approximately $3.9 billion USD) for the social sector, including education, healthcare, and social welfare.
  6. Defence: The budget allocated N1.03 trillion (approximately $2.8 billion USD) for defence, with a focus on modernizing the military and improving national security.
  7. Fiscal Discipline: The budget aimed to reduce the country's fiscal deficit and improve revenue generation. It introduced measures to reduce waste and improve transparency in government spending.

Challenges and Controversies

  1. Revenue Shortfall: The budget faced a revenue shortfall, with actual revenue generated in 2017 falling short of the projected amount.
  2. Fiscal Deficit: The budget deficit increased to 3.3% of GDP, higher than the initial projection of 2.2%.
  3. Lack of Transparency: The budget was criticized for lacking transparency and accountability, with some lawmakers accusing the government of hiding details of the budget.
  4. Implementation Challenges: The budget faced implementation challenges, including delays in the release of funds and bureaucratic hurdles.

Impact

The 2017 Nigerian Budget had a significant impact on the country's economy, including:

  1. Economic Growth: The budget helped stimulate economic growth, with the country's GDP growing by 0.8% in 2017.
  2. Inflation Reduction: The budget helped reduce inflation, which fell from 18.7% in 2016 to 16.3% in 2017.
  3. Job Creation: The budget helped create jobs, with the country's unemployment rate falling from 13.9% in 2016 to 13.3% in 2017.

Overall, the 2017 Nigerian Budget was a critical step towards recovering from the economic challenges faced by the country in 2016. While it faced challenges and controversies, it helped stimulate economic growth, reduce inflation, and create jobs.