Key provisions of 2017 “budget of recovery”

President Muhammadu Buhari on Wednesday in Abuja presented a budget of N7.30tn for 2017 before a joint session of the National Assembly.

Here are a few key provisions of the budget.

Expenditure Estimates

The proposed aggregate expenditure of N7.298tn will comprise:

– Statutory transfers – N419.02bn

– Debt service – N1.66tn

Sinking fund – N177.46bn (to retire certain maturing bonds)
Non-debt recurrent expenditure – N2.98tn
Capital expenditure of N2.24tn (including capital in Statutory Transfers)

Recurrent Expenditure

A significant portion of recurrent expenditure has been provisioned for the payment of salaries and overheads in institutions that provide critical public services. The budgeted amounts for these items are:

37bn for the Ministry of Interior;
01bn for Ministry of Education;
87bn for Ministry of Defence; and
87bn for Ministry of Health.
Capital Expenditure: N2.24tn (30.7% of total budget)