Fg budgets n6 5trn 2017 fiscal year
You're looking for the 2017 fiscal year budget of the Federal Government of Nigeria (FGN).
According to the 2017 Appropriation Act, the Federal Government of Nigeria budgeted N7.29 trillion (not N5 trillion) for the 2017 fiscal year. This was announced by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, on December 14, 2016.
Here's a breakdown of the 2017 FGN budget:
- Recurrent Expenditure: N2.98 trillion (40.6% of the total budget)
- Capital Expenditure: N1.95 trillion (26.7% of the total budget)
- Debt Service: N1.66 trillion (22.7% of the total budget)
- Statutory Transfers: N434.8 billion (5.9% of the total budget)
- Overhead Costs: N345.8 billion (4.7% of the total budget)
The 2017 budget was designed to achieve a GDP growth rate of 3.5%, create 1.5 million jobs, and reduce the country's debt-to-GDP ratio to 17.5%. However, the budget was later revised downward to N7.04 trillion in May 2017 due to a decline in oil prices and production.
I hope this information is helpful!