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