Federal tracker: What you need to know about the 2017 proposed budget

by Usman Alabi

Below are some of the details of the 2017 proposed budget in figures.

Total Budget size: N7.298 trillion

Capital expenditure: N2.243 trillion

Recurrent expenditure: N2.98 trillion

Oil price benchmark $42.5

Oil production 2.2m Barrel per day

Exchange rate N305 against $1

The Federal Ministry of Power, Works and Housing has the highest capital allocation, which is 7.7% or 25% increase over 2016 estimate

The Ministry of Transport has the second largest capital allocation.

The 2017 budget estimate envisages a total FGN revenue of N4.94 trillion, exceeding 2016 projection by 28%

The projected revenue receipt from oil is N1.985 trillion and Non-oil is N1.373 trillion

Contribution of oil revenue is 40.2%

The overall projected budget fiscal deficit of N2.36 trillion for 2017 is about 2.18% of the GDP

The budget deficit is to be financed mainly by borrowings which have been projected at N2.32 trillion

Of this amount, N1.067 trillion (46% of this borrowing) is intended to be sourced externally, while N1.25 trillion will be sourced domestically. The debt service to revenue ratio is projected to be about 33.7%.

 

SPECIAL INFRASTRUCTURAL SPENDING N1.047 trillion

Power, Works and Housing:-N529billion

Transportation:-N262 BILLION

Special Intervention Programmes:-N150 billion

Defence:-N140 Billion

Water Resources:-N85 billion

Industry, Trade and Investment:-N81 billion

Interior:-N63 billion

Education:-N50 billion

Universal Basic Education Commission:-N92billion

Health:-N51 billion

Federal Capital Territory:-N37 billion

Niger Delta Ministry:-N33billion

Niger Delta Development Commission:-N61 billion

Agriculture:-N91 billion

Social housing programme N100 bn

Special economic zone projects N50bn

Export-Expansion Grant (EEG) N20 billion

THE RECURRENT NON-DEBT EXPENDITURE OF N2.98 TRILLION IS MADE UP OF:

1 Personnel costs-N1.86 trillion (63%)

2 Overhead-N229.81 billion (7%)

Service wide vote pensions N89.98 billion (3%)

Consolidated revenue funds pensions N191.63 billion (6%)

Other service wide votes N116.6 billion (5%)

Presidential Amnesty programme, N65 billion (2%)

Refund to special accounts N50 billion (2%)

Special intervention programme N350 billion (12%)

MDAs WITH THE LARGEST RECURRENT ALLOCATIONS ARE AS FOLLOWS:

Ministry of Interior-N482.37 billion;

Ministry of Education-N398.01 billion

Ministry of Defence- N325.87 billion

Ministry of Health-N252.86 billion