The Senate at its plenary session of Thursday, May 11th 2017 passed the 2017 Appropriation Bill. The Bill seeks to authorize the sum of N7, 441,175,486,758 (Seven Trillion, Four Hundred and Forty-One Billion, One Hundred and Seventy Five Million, Four Hundred and Eighty-Six Thousand, Seven Hundred and Fifty-Eight Naira) from the Consolidated Revenue Fund.
Presenting the report, Chairman Senate Committee on Appropriations, Sen. Danjuma Goje (APC: Gombe) stated that the Bill contained anticipated estimates of revenue and expenditure for the year ending 31st December, 2017.
Highlights of the Bill include:
| Aggregate Expenditure – N7,441,175,486,758 |
| Statutory Transfers – N434,412,950,249 |
| Debt Service – 1,841,245,727,206 |
| Recurrent Expenditure – 2,987,550,033,436 |
| Capital Expenditure – 2,177,866,775,867 |
| Fiscal Deficit – 2,356,773,720,940 |
| Deficit to GDP – 2 .18% |
Other notable provisions mentioned included provisions for some critical sectors and sections of national life such as the provision for a second run-way for the Abuja airport, funding for the resumption of work on the abandoned Warri-Aladja rail-line and rehabilitation and upgrading of the Abeokuta Airport. There was also an increase in funds for the Amnesty Programme to ensure full stability and peace in the Niger Delta region. The Chairman also explained that provisions for other budgetary needs such as judgment debts, and the backlog of National Youth Service Corps Members allowances had been made with the additional revenue from the increase in the benchmark price of crude oil.
Sen. Goje also commended the national budget process of 2017 as being inclusive as he recalled that the Joint Committees on Appropriations of the Senate and the House of Representatives had held a public hearing on the budget for the first time. The public hearing was credited for creating an opportunity for different sections and sectors of the polity to assist the National Assembly with informed sectorial inputs and opening up space for a more inclusive and participatory budgetary process.
Sen. Goje also mentioned that the Revenue Assumption for the 2017 Budget was the same as approved in its consideration of the Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The revenue parameters are $44.50 as the benchmark price of crude oil, 2.2mpbd as the crude oil production and $305 as the Exchange rate approved by the National Assembly.
Commending the effort of the Committee, Senate minority leader, Sen. Godswill Akpabio (PDP: Akwa Ibom) stating it would be the first time that almost 30% of the budget would be allocated to Capital Expenditure. Sen. Dino Melaye (APC: Kogi) also emphasized that the National Assembly had kept to its pledge by making a summary of the proposed 2017 budget of the National Assembly available to the public.
Senate President, Bukola Saraki (APC: Kwara) also expressed gratitude to Members of the Committee and Civil Society Organizations for its efforts and valuable contributions on the 2017 Appropriation Bill.
The House of Representatives also passed the Appropriation Bill at its plenary session on Wednesday, which replicates the Senate version.
