The Senate President, Senator Abubakar Bukola Saraki has, on Tuesday, January 10, assured that the Senate will begin work on the 2017 budget next week.
Senator Abubakar Bukola Saraki gave the assurance during the opening session of the Senate today.
He said the Senate will begin debate on the 2017 budget early so it could “deepen the review and create the necessary efficiencies”.
While reiterating the importance of making the 2017 budget Saraki said it was equally important to emphasize the need to have the budget back on the desk of the executive on time for implementation.
He said, “Consideration and debate on the 2017 budget will immediately follow in the three ‘sitting days’ of the next week.
“It is our hope that we will, with this budget, begin the implementation of the report of the Committee on Budget Reforms, which has since submitted its report.
“This will enable more Nigerians participate in the budget consideration process, deepen the review and create the necessary efficiencies we expect from our budget implementation,” he said.
“As you may be aware, based on the recommendations of the Budget Reform Committee, we are working towards ensuring that budgets are prepared and submitted timely so that implementation will follow a regular fiscal circle.
“In this regard, the National Assembly will not tolerate agencies of government not submitting their budgets within the budget period.
“This is why I urge all agencies yet to submit their budgets to do so quickly as budgets not received within time may have to wait for the next budget circle.”
President Muhammadu Buhari has assured Nigerians that the 2017 budget, which is 20.4 percent bigger than that of 2016, with an earmark of 30.7 percent for capital expenditure will “pull the economy out of recession”.
The President also says the budget will focus on development of infrastructure, especially road and rail and also bring stability in the economy.
The N7.298 trillion budget has an oil benchmark of $42.5 per barrel as against $38 in 2016 and has a naira benchmark of 305 per dollar, as against 197 in 2016.