FG presents 2017 Budget to Senate, benchmarked at $42.5/ barrel

President Muhammadu Buhari on Tuesday sent a draft budget for 2017 to the upper house of parliament for approval.

According to Reuters’ report monitored by Business247 News Online, the plan assumes an oil price of $42.5 per barrel and production of 2.2 million barrels a day, as well as an exchange rate of 290 naira to the U.S. dollar.

It will be recalled that on Tuesday, 22 December, 2015, the President sent 2016 Budget proposal to the joint sitting of the national assembly, the submission of the 2017 edition in early October gives an hope that it would be passed on time probably before the end of the year.

The 2016 Budget was enmeshed in serious controversies. There was a time it was declared missing after its presenting to the legislature, at another time, the Executive claimed there were some inclusions which were not there originally. These and other developments affected on time  passage of the 2016 Budget.