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2017 Budget: Senate President Saraki Optimistic About Economic Recovery

The Nigerian Senate has adjourned plenary till February 24, 2017, to allow the different committees work on the details of the 2017 budget as presented … Continue reading 2017 Budget: Senate President Saraki Optimistic About Economic Recovery


2017 Budget: Senate President Saraki Optimistic About Economic Recovery

2017 Budget: Senate President Saraki Optimistic About Economic RecoveryThe Nigerian Senate has adjourned plenary till February 24, 2017, to allow the different committees work on the details of the 2017 budget as presented by President Muhammadu Buhari in 2016.

Tagged ‘Budget of Recovery and Growth’, the budget is expected to help Nigeria come out of recession but many have questioned the capabilities of the document to do just that.

The Senate President, Dr Bukola Saraki, in an exclusive interview with Channels Television, says the budget is truly a budget of recovery and growth.

He believes the Buhari-led federal government is on the right track with its economic recovery plans to ease the pains caused by the state of the economy.

“The budget is based on a benchmark of 2.2 million barrels a day. The oil price of about $42.5 is realistic – probably it would be much better than that.

“We believe that the revenues will go up. There is a deficit of about 2.3 trillion and still below agreed deficit percentage of 3%,” he said.

Dr Saraki said that the federal government would soon embark on a road show on some of its economic plans.

“The question everybody is asking is that if you look at the capital budget which is 30% of the entire budget, which is also about two trillion, the argument is that it means if we do not raise money, we will not be able to implement the capital expenditure.

“But if you look at the trend, you will see that that is where the economic recovery plan is going.

“The government is going to be on a road show in the next couple of weeks and I’m pretty confident that they will be able to raise the money.

“I think they are looking for a billion dollars on Eurobond and I think they’ll be able to raise it.”