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Why Nigeria simplified 2017 appropriation

Minister of Budget and National Planning, Sen. Udoma Udo Udoma has revealed why the President Muhammadu Buhari led administration is poised to simplifying the 2017 budget.

Udoma made the disclosure at the public presentation of the 2017 appropriation on Monday in Abuja.

“We believe that it’s important that people known and understand budget. The budget is a very important instrument for realising the objectives of the administration; it is an instrument that has national consequences and which everybody should be part of, familiarised themselves with and be part of its implementation,” he said.

Recall that on 12th of June, Acting president Prof. Yemi Osinbajo signed the 2017 budget into law after being passed by the National Assembly.

The Director General, Budget office of the Federation while presenting his welcome address said government poised to promoting accountability and bridging the existing information gap between citizens and government.

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“The Nigerian government is committed to accountable governance. We are determined to bridge the gap between citizens and government by the measures we are taking to promote greater transparency and accountability in the entire budget framework.

“The citizens’ budget provides details of the federal budget in a non-technical manner. It explains what the federal budget is, how it is prepared, how Government intends to mobilize funds, and what the funds will be spent on. It also provides insights into the 2017 budget- its context, priorities and contents –as well as plans towards exiting recession and furthering growth.”

The 2017 Budget envisages total revenue of N5.08 trillion. The Projected revenue receipt from oil is N2.122 trillion and Non-oil is N2.96trillion. The contribution of oil revenues is 41.7% compared to 19% in 2016 financial year. 11% of projected revenue expected from recoveries of looted/misappropriated funds and fines.

 

2017 appropriation: 2017 appropriation

 

 

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