2017 budget debate: Reps hail Buhari’s estimates, say it ’ll reboot economy.

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MAJORITY of themembers of the House of Representatives, yesterday, hailed the 2017 N7.3 trillion budget estimate of President Muhammadu Buhari, describing it as the catalyst that will reboot the Nigerian economy.

 

Also the Senate has begun debate on the general principles of the 2017 Appropriations Bill submitted by President Muhammadu Buhari. Majority Leader of the House, Mr Femi Gbajabiamila (Surulere federal constituency, Lagos), who led the debate, conceded that the budget was an ambitious one, adding that the ambition is precursor to the success.

 

He presented the highlights of the budget to include oil production projection of 2.2 million barrels per day, with benchmark of $42.5 per barrel, and exchange rate of N305/US$1.

 

Buhari, Osinbajo and Adeosun Other key assumptions of the budget include a revenue projection of N4.94 trillion, with N1.98 trillion expected from oil revenue and N1.37 trillion non oil revenue, while expenditure include N419 billion for statutory transfers, N1.66 trillion for debt servicing, N177 billion to a sinking fund for retirement of maturing bonds, N2.98 trillion to non debt recurring expenditure and N2.24 trillion to capital expenditure . Gbajabiamila added that the budget deficit for the budget was N2.36 trillion and to finance the deficit, government proposes to borrow N1.06 trillion from external sources and N1.25 trillion domestic borrowing.

 

“Prior to this time, capital allocation in our yearly budget was way below 30 percent and now this administration has raised it to over 30 percent. Before now, budget performance has been about 30 percent but somehow with little resources available, this administration hovers around the mid 50s range in terms of budget performance,” he said.

 

He added that while the administration targets better budget performance, it has been able to achieve the current rate by blocking leakages, broadening tax base and collection, and eliminated ghost workers.

 

A few, however, criticised the non-release of fund to Ministries, Departments and Agencies of government, MDAs, hinging their argument on the fact that 2016 budget performance was rather poor. MrJerry Alagboso (PDP, Imo), had argued during the debate that “this 2017 budget is almost like that of last year which was associated with poor releases of funds to MDAs.”

 

He urged lawmakers to take oversight functions seriously as this will make the executive and “they should remember that we have the constitutional right to make inputs into the estimates which some people call padding.” Several lawmakers simply praised the budget proposal but a few argued against it. Ossai Nicholas Ossai (PDP, Delta) argued that the exchange rate of N305 to the dollar was unrealistic, going by MTEF.

 

Backed by Speaker Yakubu Dogara, Gbajabiamila raised a point of order to the effect that MTEF has already been passed. Mark Terseer Gbillah (APC, Benue) however, argued that the exact exchange rate remains undetermined. Senate begins debate on principles of 2017 budget THE Senate has begun debate on the general principles of the 2017 Appropriations Bill submitted by President Muhammadu Buhari.

 

The commencement of debate on the budget, yesterday, was sequel to the passage of the 2017, 2018 and 2019 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF and FSP last week by the National Assembly.

 

In his remarks, Senate President, Bukola Saraki who presided over the plenary explained to the Senators the procedure of debate on the bill where 30 senators have been selected to speak during the consideration of the bill. Also yesterday, the Senate referred President Buhari’s request on the confirmation of the nomination of Mr. Aghatise Erediauwa for re-appointment as Executive Director of the Nigerian Deposit Insurance Corporation, NDIC, to the Committee on Banking, Insurance and other financial institutions for further legislative input.

 

Leading the debate on the principles of the budget, Senate Leader, Ahmad Lawan presented a Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation – Total sum of N7,298,507,709,937 with Statutory Transfers of N419,020,684,000, Debt Servicing of N1,663,885,430,499, Sinking Fund for Maturing Bonds: N177,460,296,707, Recurrent (Non-Debt) Expenditure: N2,979,151,756,196 and Contribution to the Development Fund for Capital Expenditure: N2,058,989,578,536.

 

Senator Lawan, who noted that the budget was designed to stimulate and attract private sector capital and spending, however, stressed that the 2017 budget was to take Nigeria out of recession, create sustainable, inclusive growth and prosperity for all Nigerians in line with the change agenda of this present administration.

 

Source: Vanguard

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