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2017 budget: Economic team considers funding options

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Olalekan Adetayo, Abuja

The Economic Management Team led by the Acting President, Yemi Osinbajo, on Monday considered the funding options available for the implementation of the 2017 Appropriation Bill passed into law by the National Assembly last week.

The issue was one of the major items on the agenda of a meeting, which was held at the Vice President’s Conference Room inside the Presidential Villa, Abuja.

The Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, disclosed this in a series of messages he posted on his Twitter handle, @Akandeoj, on Monday.

Akande assured Nigerians that with the discussion at the meeting, the implementation of the budget would be seamless once it was assented to.

He said ministers and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, attended the meeting.

He wrote, “Acting President Osinbajo is presiding over a meeting of the Economic Management Team, reviewing major issues, the 2017 budget and others. In attendance are ministers and the CBN governor.

“Specifically regarding 2017 budget, funding issues tabled today at the EMT meeting, implementation is seamless once appropriation bill is assented (to).”

Akande said on Saturday that the Presidency had yet to receive the details of the budget as passed by the National Assembly last Thursday.

The legislature had on Thursday passed the bill with estimates totalling N7.441tn.

The passage followed the consideration and adoption of a report by the Senate and House of Representatives’ Committees on Appropriations on the bill.

The approved budget was based on the Medium Term Expenditure Framework/Fiscal Strategy benchmark price of crude oil pegged at $44.50 and based on crude oil production of 2.2 million barrels per day, and an exchange rate of N305 to a dollar.

Of the total, N434,412,950,249 is for statutory transfers; N1,841,345,727,206 for debt service; N177,460,296,707 for sinking fund for maturing bonds; N2,990,920,033,435 for recurrent (non-debt) expenditure; while the sum of N2,174,496,775,867 is for contribution to the development fund for capital expenditure (exclusive of capital expenditure in statutory transfers) for the year ending December 31, 2017.

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