Buhari Government to Fund 2017 Budget with Recovered Loot

*Framework To Be Ready In October
Preliminary works for 2017 budget have begun in earnest going by the declaration by the Minister of Budget and National Planning, Udoma Udo Udoma, that the 2017-2019 Medium Term Expenditure Framework (MEFT) will be ready for submission to the National Assembly by October.

Udoma gave insight into the 2017 budget in Abuja on Monday during a Stakeholders’ Consultative Forum with Civil Society Groups and organised private sector on the 2017-2019 METF.

He said: “Demand and supply factors are expected to keep crude oil prices low in the medium term
compared to the period prior to mid-2014. We are considering a conservative oil price benchmark of $42.5 per barrel for 2017, $45 per barrel in 2018 and $50 per barrel in 2019. 

“We estimate oil production to be 2.2million barrel per day for 2017, 2.3million barrel per day in 2018 and 2.4million barrel per day for 2019. We have pegged exchange rate for 2017, 2018 and 2019 at N290 to a dollar. ”

While disclosing that recovered looted funds would be used in funding part of 2017 budget, Udoma pointed out that N2.1trillion had so far been expended out of the N6.06trillion budgeted for 2016. He, however, added that only N253billion out of the N1.8trillion earmarked for capital projects had been spent so far. Government , he said, would continue in its effort to diversify its revenue sources to non -oil sectors.

“A significant increase in non oil revenue receipts is projected due to a gradually recovering domestic economy and government ’s expected improvement in Federal Inland Revenue Service (FIRS ) tax collection efforts. Company Income Tax is projected to increase from N1.79trillion in 2016 to over N1.86trillion in 2017 and beyond while Value Added Tax (VAT) collections is to increase by about 42.4 percent in 2017. 

“Operating surpluses projection have been moderated downwards for 2017 and thereafter a modest growth. Customs collections are projected to moderate downwards for 2017 and thereafter a modest growth.”


  1. Hassan Aderemi26 July, 2016 16:26

    Good news, we are appealing to PMB led government to put more pressure on all the looters & get those loots refunded, we appreciate their efforts in recovering the loots but ours is like oliver twist case, he will definitely ask for more.

  2. That's the right thing to do. The looted fund is way outta this world. 9JA i hail thee.

  3. That is a welcome development.

  4. issokay. let's see.

    #Olu,can you see?

  5. God will continue to help us

  6. I respect dis man Buhari, I c no reason Y pple are criticizing him, as 4me he is God sent nd God will continue 2 help him, grant him good health nd long life

  7. Very transparent, at least everyone can see where our money is going.


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