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FG Proposes N6.8 Trillion as 2017 Budget

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The Federal Government has proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year.

The government also put the oil production figure for 2017 at 2.2 million barrels per day, while the projected oil benchmark price is put at $42.50.

Average exchange rate for 2017 is slated at N290.00 per dollar.

These were contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to the Senate by President Muhammadu Buhari on Tuesday.

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The government budgeted N6,060,677,358,227 for the 2016 fiscal year, while it pegged the oil production volume also at 2.2mbp.

The oil benchmark for 2016 was slated at $38, while the average exchange rate for the same year was put at N197 per dollar.

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