Wednesday, December 14, 2016

2017 Budget: President Buhari To Present Proposal By 2pm

President Muhammadu Buhari will present the 2017 Appropriation Bill to a joint session of the National Assembly by 2p.m today, Nigerian Bulletin gathered.

Mr. Buhari will be accompanied to the National Assembly by top federal government functionaries to lay the document which will be the second since he assumed office in May 2015.

The House of Representatives on Tuesday adopted the 2017 to 2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), the same document the upper chamber described as empty and document of fraud.

The Nigerian Senate said the initial N290 per dollar exchange rate is unrealistic when the Naira is currently at N305 and N480 per dollar at the official and black market segments of the forex.

Meanwhile, the House fixed the exchange rate of Naira to a dollar at N350 as against the N290 recommended by the executive.

The House also concurred on the oil benchmark of 42.50 dollar per barrel with a proposed daily production of 2.2 million barrels per day.

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