FUNDING SOURCE AMOUNT (B)%
DEFICIT 2,269 31.41
OIL REVENUE 1,985 27.48
NON OIL REVENUE 1,730 23.95
INDEPENDENT & OTHER REVENUE1,240 17.17
EXPENDITURE AMOUNT (B)%
NON DEBT RECURRENT 2,908 40.25
CAPITAL 2,240 31.01
DEBT SERVICING 1,660 22.98
STATUTORY TRANSFER 416 5.76
TOP CAPITAL ALLOCATION AMOUNT (B)
POWER WORKS AND HOUSING 529
SPECIAL INTERVENTION 150
WATER RESOURCES 85
INDUSTRY,TRADES & INVEST. 81
NIGER DELTA 33
Highlights of the Budget
•The 2017 budget of N7.298 trillion is 20.4% increase over the 2016.
•The budgeted revenue from oil was benchmarked at N305 against the US dollar ($1) with 2.2 million barrels per day estimates.
•The budget also sets a benchmark of $42.5 per barrel of oil, as against $38 in 2016.
•One-third of the budget is financed by deficit. The deficit will be financed largely from external borrowings with a fraction of it from internal borrowings.
•Non-oil revenue for the first time is almost at par with oil revenues. The result of government effort at diversifying the revenue base of the country is obvious in the growth in revenue from non oil.
•The huge budget for ministry of works power and housing is a reflection of government focus on construction which is a major tool for economic recovery during recession.