Wednesday, December 14, 2016 4:28 pm
President Muhammadu Buhari on Wednesday presented a N7.298 trillion 2017 Appropriation Bill to a joint session of the National Assembly.
While presenting the budget, the President said the budget estimate is based on exchange rate of N305 naira to one US dollar ($1) and daily crude oil production of at 2.2 million barrels and at $42 per barrel.
The budget which was tagged budget of economic recovery and growth was 20.4 per cent higher than the 2016 estimate and
The President said the budget was centered on diversification of the economy with emphasis on agriculture and manufacturing, but he noted that Nigeria would need to embark on massive investment to move away from dependence on oil.
While affirming that the budget would bring the nation out of recession, the President said government will continue to budget appropriately to ensure adequate security.
He added that government would retain N500 billion social intervention fund in the 2017 budget.
The Senate President, Bukola Saraki and the House Speaker, Dogara received President Buhari.
The President appealed to governors to make land easily accessible to farmers to boost food production.