After a long wait, the 2017 budget was yesterday passed by the two chambers of the National Assembl. But Nigerians are now wondering whether or not the budget, which was presented the National Assembly 147 days earlier, will make the desired impact on the economy.
The area of concern tk many Nigerians is that whereas President Muhammadu Buhari presented a N7.298 trillion estimate the National Assembly, the lawmakers passed an estimate of N7.441 trillion, raisng the expected expenditure by N143 billion.
Oil price benchmark was raised from $42.50 proposed by the President to $44.50. The lawmakers however retained 2.2 million barrels per day for crude oil production and an exchange rate regime of N305 to the dollar.
The legislators raised their expenditure plan from N115 billion to N125 billion.
Explaining the N 143 billion increase in the estimate,
Mustapha Dawaki, chairman, House of Representatives Committee on Appropriation,  said: “With the additional expected revenue from the increase in the benchmark price of crude oil, provision has been made from the under listed budgetary needs, among others. This has increased the aggregate figure to N7,441, 175, 486,758.”
The additional expenses are: Judgment debts  (Justice) N10 billion; backlog of Corps members allowances ( Youth) N13. 06 billion; repairs of Abuja Airport runway ( Transport) N5.8 billion; increase in personnel cost ( 18 MDAs) N5.1 billion; UNESCO assessed contribution (Education) N1.2 billion;  subscription to Shelter Afrique (Power, Works & Housing) N3.6 billion.
Others are: Economic Recovery and Growth Plan (ERGP) ( Service Wide) N2.5 billion; Amnesty Programme ( Service Wide) N10 billion; National Identity Management Commission (SGF) N5 billion, and Roads Nationwide ( Power, Works and Housing ) N25 billion.
Dawaki explained that, “Adequate provision has been made for the improvement of our inland water ways, for the second Abuja runway, and funding of the long- abandoned Itakpe- Warri rail line and the Abeokuta Airstrip.”
The Federal Ministry of Power, Works and Housing received the highest fund of N586,535,786,168, followed by the Federal Ministry of Transport with N256,519,103,581 and the Federal Ministry of Education N455,407,788,565. The Federal Ministry of Health received N308,464,276,248.
For debt servicing, N1,663,885, 430, 449 is allocated and N177,460,296,707 is for sinking fund to retire maturing loans,  making a total of N1,841,345,727,206 for debt management.
Ministry of Information and Culture got N9, 546, 245, 041.
Allocation for constituency projects remained unchanged from 2016 at N100 billion. The North-East intervention fund stays at 45 billion.
The budget, having been passed by the National Assembly, is expected to be transmitted to the Presidency for assent soon.