Economic experts react as NASS passes N7.441trn 2017 budget

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The National Assembly NASS, yesterday, passed the 2017 Appropriation Bill of N7.441 trillion, which represented an increase of N143 billion from what was presented last December by President Muhammadu Buhari.

The increase in expenditure came with a significant mark up in the benchmark crude oil price to $44.5 per barrel from the N42.5 per barrel proposed by the President. However, the National Assembly maintained the daily crude oil production of 2.2 million barrels, and exchange rate of N305 to $1 as proposed by the President.

Details of the bill show that 30 per cent or N2.18 trillion was allocated to capital expenditure, while recurrent expenditure (non-debt) and debt service received N2.987 trillion and N1.84 trillion respectively.

The debt service allocation comprise N1.488 trillion to service domestic debt; N175.88 million to service foreign debts, while N177.46 million is to retire maturing loans.

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