By Modupe Gbadeyanka
President Muhammadu Buhari, on Wednesday, addressed a joint session of the National Assembly (NASS) and presented the 2017 appropriation bill to the lawmakers.
During the presentation of the 2017 budget, the President informed the legislators that his government would focus on the development of infrastructure, especially rail, road and power next year.
He further said N7.298 trillion budget represents 20.4 percent increase over the 2016 estimate.
According to him, benchmark for the 2017 appropriation bill is pegged at N305 against one US Dollar with the crude oil production output of 2.2 million barrels per day and an estimate of $42.5 per barrel.
Mr Buhari added that the estimated aggregate revenue for 2017 is at N4.94 trillion.
The President also informed the National Assembly that his administration will pump more money into the judiciary next year, disclosing that N100 billion has been allocated to the third arm of government.
Mr Buhari disclosed further that in 2017, his administration would “fortify our defence spending till all our enemies within and without are subdued.”
He told the congressmen that Nigerians are “waiting for us to change the course of this nation,” and expressed optimism that the 2017 budget would better their lives than 2016.
Mr Buhari later presented the 2017 appropriation bill to the Senate President, Mr Bukola Saraki and Speaker of the House of Representatives, Mr Yakubu Dogara.
Adedapo Adesanya