Abuja - President Muhammadu Buhari has presented the 2017 budget to the joint house of the National Assembly.
Buhari presented a proposal of N7.298 trillion for the 2017 budget, which is a 20.4% increase over the 2016 estimate.
While presenting the budget, Buhari assured that there will be no padding in the 2017 budget.
“Nigeria is at a stage where the patience and resilience of its citizens are being tested due to the economic recession.”
He admitted that the problems of sustaining policies is in the area of execution.
He said 2016 budget was hampered by low oil prices in the first quarter of the year.
“I stand my ground that under my watch all Nigeria will slowly but surely grow. We will change our habits. We will grow businesses in Aba, Calabar, Lagos and others.
"We are already working to make Nigeria self-sufficient in three years. To achieve this, a lot will need to be done. We will support local Nigerian businesses in order to promote import substitution.
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“Although we can't control oil prices, we're determined to have our high oil production level back.
“2016 budget was based on zero budgeting method, the same will be employed in the 2017 budget. Despite the challenges with the 2016 budget, we met both our capital expenditures and debt commitments.
“In 2017, we will focus on the development of infrastructure, especially rail, road and power. In 2017, we want to source 46% of our debts from outside Nigeria and get the rest from local sources.
“We are increasing funding to the judiciary in order to allow them function even better.”
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- News24 Nigeria