to Present 2019 Budget to NASS on December 19, 2018, Nigerian Capital Market MasterPlan:13 Out of 99 Initiatives Have Been Implemented- Mary Uduk, Diversion of Brazilian Cane Mills to Ethanol Production to Boost Sugar Prices, How The Buhari Administration Should Approach MSME Development - Muda Yusuf, What To Expect From The Markets This Week - 091120, COVID Surge Keeps Oil Below $40- OIR 061120, NASD OTC Market CAP Decreased By -1.49% WoW to Close At N528.38bn, Market Review and Round-Up of Corporate News Announced During The Week Ending -061120, Subpar Expenditure, Subpar Revenue Collection, FGN Proposes Unprecedented Deficit to Drive Economic Recovery, Nigeria's 2021 Budget of Economic Recovery and Resilience, Highlights of FGN Budget Proposals for 2021 Fiscal Year, MSME - Policies, Acts, Rules & Regulations, Ecobank Named "Best Retail Bank In Nigeria 2020" - Asian Banker Awards, Ecobank Advocates More Collaboration between Fintech, Banks, and Telcos, 24th CIS Summit: Stakeholders Call on Capital Market to Support Nigeria's Economic Growth, SEC Extends Deadline to File Quarterly Financial Statements for The Period Ending Sept 30, 2020, Become a Content Collaborator/SLA Partner, Nigerian Online Trading Portals Ranking Report, Production of Collage / Content for Presentation. endobj Nigeria’s President Buhari presented the 2017 Budget to a rare joint session of the National As-sembly on December 14th, 2016. At AljazirahNigeria, we feel the budget has huge potentials to turn around the ailing economy even though it has inherent loopholes. 2 0 obj Exchange Rate, Central Bank of Nigeria Update on States in Nigeria (1), 8. <> price increased from US$51 per barrel as contained in the approved 2018 budget. The Federal Government has presented a breakdown of the nation’s budget proposal for the 2017 fiscal year, warts and all. This figure was derived from two presumptions; first, that in the year, oil Nigeria has long argued that its oil production The federal government proposes to spend a total of Friday, March 22 2019 / 12:46 PM / by BudgIT . The 2017 capital and recurrent expenditures rose by 15.44 per cent ‎and 9.43 per cent over the 2016 Appropriation figures of N1.8 trillion and N2.65 trillion respectively. endobj Medium Term Expenditure Framework & Fiscal Strategy Papers, Budget Office of the Federation 3. Also, the federal government’s share of barrels per day is the same amount as budgeted for the 2018 fiscal year. Rashid Approves DIFC’s New Expansion Plan, Launches 50 Year Charter, 7. In the 2016 Budget, we recall crude oil benchmark price was put at $38 per barrel, while production level was 2.2 million barrels per day. economy from its over-reliance on oil revenues. 2016, in the throes of the recession, non-oil revenues are on an upward swing Published December 14, 2016 December 14, 2016. 10 0 obj The signed 2018 budget has a value of N9,120 billion a 23.6% increase from the N7,441 billion budget signed in 2017. fiscal year averaged 1.86 million barrels per day while the budget benchmark of Update on States in Nigeria (1), My Takeaways ... Nigeria’s duty-free export to US shrinks to $300.48m. 4 0 obj number of key assumptions/projections. the country. With an aggregate expenditure of ₦9.12 trillion, proposed revenue of ₦7.17 trillion and a deficit of ₦1.95 trillion, the 2018 Budget is the largest in Nigeria’s history (in Naira terms). expenditure for 2019 is projected to be close to N8.83 trillion, which includes This remains a key factor when considering the 08. Review of 2016 Budget . endobj 2 0 obj stream The recurrent component of the proposed budget is projected to be However, Nigeria currently produces about 1.8million Assessing Nigeria's debt profile in the context of the 2020 budget The growing debt profiles of the federal and sub-national governments continues to raise concerns among policymakers and analysts. The Budget Office is structured into six departments - six operational departments and three units. %PDF-1.5 Over the years, Nigerians have witnessed situations whereby the country’s annual budgets were padded, messed up after presentation, and not properly implemented. 10. <> The oil benchmark price has also been revised upward My Takeaways The budget projects revenue at N8.18 trillion in 2020. That has made many to wonder jocularly what kind of defecation goes on at the villa. %���� We see this in the change in Company Income Tax in Joint Ventures. We also urge Nigerians to give President Muhammadu Buhari and his economic team a fighting chance to rectify the ills of the economy in 2017. 7 0 obj 11 0 obj Of the total, N269.3bn or 78% of the budget will be spent on Recurrent items, including payment of salaries and emoluments of government workers and Overheads, if the budget is fully 2017 proposed budget 3.58% Increase Over 2017 Proposed Budget 4.31% increase over 2017 proposed budget N7BUDGET SIZE .44tn N5.08tn INOUT Total Revenue N7.44tn N Total Expenditure N Source: Budget Office 2 FG 2017 Approved Budget 20-Jan-17 2017 Proposed Health Budget Analysis 30 1. We at AljazirahNigeria challenge the Buhari-led administration to hit the ground running in its quest to provide food, health, security and dividends of democracy to its already disillusioned citizens. <> 2019: The Hidden Monsters, 2. With oil price pegged at US$60, the crude oil benchmark On the flipside, the 2017 budget showed there was no allocation made for new minimum wage or salary increment for government workers in the proposed budget for 2017, an issue many workers are not happy with in the light of declining economic power due to recession. The figure earmarked %���� <> authorities including the National Assembly was put at N492.36 billion, which AljazirahNigeria gathered that the 2017 budget is based on a crude oil benchmark price of $42.50 per barrel, with an output of 2.2 million barrels per day. barrels per day, which according to some experts in the oil sector, is believed around revenue projections of N6.97 trillion for the 2019 fiscal year.

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