The House of Representatives is set to meet with the Central Bank governor and chief executives of all revenues generating agencies in the country, as regards the funding of the proposed 2017 budget.

These revenues generating agencies (NNPC, Customs, FIRS), are expected to interact with the House, to ensure that the revenues projections mentioned by President Muhammadu Buhari (photo) in the proposed budget are realistic, particularly with the issue of militancy in the Niger Delta region.

Buhari had based the planned budget on a benchmark crude oil price of $42.5 per barrel, an oil production estimate of 2.2 million barrels per day, and an average exchange rate of N305 to one US dollar, Leadership news reports.

“We have set a more realistic projection of N807.57 billion for independent revenues, while we have projected receipts of N565.1 billion from various recoveries. Other revenue sources, including mining, amount to N210.9billion. With regard to expenditure, we have proposed a budget size of N7.298trillion, which is a nominal 20.4 per cent increase over 2016 estimates. Of this expenditure, 30.7 per cent will be capital in line with our determination to reflate and pull the economy out of recession as quickly as possible,” he had stated.

Anita Fatunji