Senate approves Buhari’s fiscal plans it once rejected as ’empty’

The Senate has approved the 2017-2019 Medium Term Expenditure Framework and the Fiscal Strategy Paper, MTEF/FSP, submitted by President Muhammadu Buhari last year, in readiness for the consideration of the 2017 budget.

The Senate on Wednesday adopted almost all the proposals sent by the president, contradicting its earlier ruling in December, when it dismissed the documents as “empty”.

Its decision followed the recommendations of its committees on Appropriations, Finance and National Planning,

It adopted the oil production projection of 2.2 mbpd for the 2017 Budget, which it said is achievable, “though dependent on the ability of the Federal Government to curtail the Niger-Delta militant activities in order to halt the drop in crude oil production”.

Following attacks of oil and gas installations, the Senate observed that oil production “declined from 1,912mbpd in January 2016 to 1,818mbpd in June 2016 and thereafter to 1,721mbpd in October 2016.”

It also adopted the exchange rate of N305/1USD as proposed by the executive.

The Senate however warned that the Central Bank of Nigeria should initiate measures that would close the gap between the parallel market and the official exchange rate to prevent corruption.

For non-oil revenue, the Senate also adopted the projected N5.122 trillion in 2017, lower than N5.749 trillion approved in 2016 on account of lower Corporate Tax, VAT and Customs revenue collection in 2016.

Similarly, it approved the N807.57 trillion projected as independent revenue for 2017, significantly lower than the highly optimistic N1.505 approved for 2016.

The reduction, the Senate said, reflected the poor level of collection and remittance or inefficiency in the collection and management of independent revenue by MDAs and state-owned enterprises.

President Muhammadu Buhari presenting the 2017 Budget
President Muhammadu Buhari presenting the 2017 Budget

The planned borrowing of N2.321 trillion, comprising N1.253 trillion (domestic) and N1.067 trillion (external) in 2017 was also approved, however on project-tied basis.

The Senate also approved the N500 billion (N350 billion, recurrent; N150 billion, capital) for Special Intervention Programme in 2017.

However, the lawmakers slightly increased the benchmark price for crude oil in 2017 to USD44.5 from USD442.5 per barrel.

Projected GDP growth rate and inflation growth rate stand at 2.50% and 12.92% respectively.

The Senate recommended that the government should implement “drastic measures to achieve self-sufficiency and become exporter of certain agricultural and mining products.”

In his remarks after the passage, Deputy Senate President, Ike Ekweremadu, who presided in place of Bukola Saraki who was in court for his trial at the Code of Conduct Tribunal, sought the cooperation of the executive bodies when consideration of the 2017 budget commences to ensure expeditious passage.


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  • Dr Pat Kolawole Awosan

    Though! the plan may have been rejected earlier but because, it lacked detail then. Now, with full detail of the plan attached without any question the senate, has approved the plan which is a sign of good forward movement for Nigeria.

    • emmanuel

      Doctor wey one of im merecine alone dey cure okripoto, stafilococus, waist pain, stooling, malaria, fibroid, cancer, diabetics, renal failure, premature ejacultion and jedijedi, i recalled you saying the Sinators oout of corruption rejected the document. How come you are now talking about attching relevant documents?
      Was your brain in the mutuary when you commented at the time senate rejected it?
      You cannot deceive all all the time.

      • elvis

        don’t mind that fake doctor. he moves with the wind.

      • Mufu Ola

        I always insist u’re very childish. Wonder how u relate with your kids.

        • emmanuel

          You are an ignorant moron whose level of enlightenment is too shallow to understand what effective communication is.
          My childishness is one million times better than your failed adulthood, with little or no understanding of socio-political issues.
          Even Generals in the theatre of war, also catch fun and that is what i do when i tongue lash your mentors whose brains lack fire power to articulate the essence of leadership.
          I may need to teach you a little of comparative management analysis.

          • He is a muslim don’t blame ola,they always think backward and can’t comprehend with whatever your view is!! Muslims are hypocrite

          • Mufu Ola

            That’s why your various pastors/bishops have turned u into morons.

          • Mufu Ola

            Teacher don’t teach me nonsense! Is it your comments over time that u want to teach any serious minded person?

  • emmanuel

    The document is worth les than used toilet tissue paper. Inflation at 184%, exchange rate climbing past the roof, IOC’s are not sure to run at full capacity having reduced their staff strength significantly and have been unable to raise cash call for JV operations which are in backlog.
    Nigeria is a big joke, led by wishful looters and thinkers. A group that ends depression by rhetorics and no specific stimulants. A government that has began diversification of a dead economy by importing grasses from Brazil.

    • No-Comment

      “The only way to stop us from stealing is to stone us. The Nigerian followers
      are as guilty as the Nigerian leaders. The Nigerian institutions are all compromised
      and there is no alternative to them as it is. Nigerians appear not to be against stealing
      and corruption but only against how long you stay stealing and being corrupt. Don’t ever
      expect those in public office to fight corruption on these facts.”

      ….…..Governor Rotimi Amaechi

      (Rivers state)

      (June 30th, 2014)

      • emmanuel

        True, was this from Amaechi the rotten egg?

        • No-Comment

          @emmanuel:

          YES, HE WAS LATER REWARDED BY BUHARI FOR ANNOUNCING HIMSELF AS A THIEF,

          BY BEING APPOINTED AS TRANSPORT MINISTER OF THIS MOST EXECRABLE REPUBLIC.

          • msoxfam

            …..Muhamadu Buhari is a totally immoral person……signifying nothing the media say of him…..

    • kunle1234

      There’s a new cash call policy which has repudiated the JV cash call which is the right thing to do. IOC will leverage on third party financing to execute their projects. With the right projects executed by the government at all levels and concomitant reduction in vandalism in the Niger Delta inflation will drop and growth with occur. Please be positive. Nigeria is not the only oil producing country to enter into recession. Please listen to CNN and hear the story of Venezuela, you will be shocked. Have a great day

      • emmanuel

        Hey do not talk about Venezuela, it was a supermarket economy. Though it met the need of their moments but did not have tommorrow in mind.
        Meanwhile, the cash call third party finance thing, with guarantee yet to be put in place? Which bank take such huge risk on a dying economy? How many of the attempts made so far on external borrowing has yielded result?
        I did use wishful thinking and stand by it, because Nigeria is a place were positive thinking is much more respected than realities and fundamentals.
        The next we would hear is that a prophet has told us that the economy will be better in 2017

        • Mufu Ola

          “Venezuela ……. did not have tomorrow in mind”.Just like immediate past Nigerian administrations.

          • emmanuel

            Venezuela ran a welfarist economy/socialist which was quite unlike Nigeria.
            If you get sense at all, compare the size of our annual budget with Saudi and UAE, then do an analysis of our reserve and other savings and you would know we did not fare too badly.
            You guys keep talking about not saving for the rainy day. But i recall your mumu comment when you urged Fashola, Amaechi and Oshomole to sue GEJ so they can spend all savings. Infact you are an animal

          • Don’t mind those hypocrites ,leave them alone.Their lies will soon be unveil when depression hit us hard in Nigeria.

          • Mufu Ola

            If you’re solid on ground, u don’t need to fear your “depression”. It’s renting people like that trigger recession in d first case.

      • Mufu Ola

        Recession in Saudi Arabia is being cushioned by huge reserves it had accumulated over the years. There’s no OPEC country that is not in one financial crisi or d other.Only the degree differs.

        • emmanuel

          Our depression was not triggered by drop in price of crude. Agreed there was lull before Buhari took over. The wisest thing for any sane leader to do was do stimulant spending.
          Unfortunately, Buhari implemented TSA, mopped up liquidity in the system from Commercial Banks and refused to spend for one year and a half.
          Before long, the policy of defending the Dollar by last administration was discontinued, instead the government faced propaganda, whie the economy died.
          Suadi and UAE only narrowed their budget and continued, while Nigeria almost doubled her budget. That was crass st**ity, if you would ask me.
          The result is where we are today, waiting for the best prophecy to help us out of recession.
          It may interest you to know that the only fiscal policy which originated from the owner of our fiscal policy is whitsle blowing scheme, which orniraily was to be driven by Attorney Generals office and announced by Minister of information.
          How can such economy get out of depression? I am very pained as at today, because my businesses are crumbling under the inglorious inept leadership of buhari

          • Daniel

            Sir you contradicted yourself . How can you stimulate the economy by spending while reducing the budget that has always been 70% recurrent expenditures.
            Also where is the country expected to get the funds needed to defend the naira.

  • Retired Journalist 2017

    DEAR SIR,

    Premium Times Editors need schooling to know the difference between a SENATE and A DEN OF THIEVES.
    Journalism needs good education to avoid a journalist mistaking a den of thieves for Senate of the republic.
    The National Open University cannot help in this instance with a dunce like Olusegun Obasanjo as alumnus.
    At 500 to one dollar the chances of sponsoring the Editor who cast this headline to HARVARD are nil and slim.
    Despite that all doors to good education are closed the point that journalism needs education can’t be overdone.

    • Noxtradamus

      “Any country that repeatedly violates the rights of its citizens could
      and would never survive. While every society gravitates towards positivity,
      Nigerian State is helplessly magnetized to negativity. To survive, the
      Nigerian state is in perpetual fear of citizen, watching him/her closely,
      making sure he/she is subjugated in the socio – economic milieu. Unfortunately
      for the Nigerian State, the opposite has been the result.

      The citizenry
      has found means to extricate itself from the drowning quicksand of poverty and
      is increasingly taking up arms against the state, challenging it and its
      purveyors to the inevitable confrontation for a shade under the tree of
      liberty. The break-up of Nigeria is inevitable. We should find a way to sit
      around the table, peacefully break up Nigeria and help her to attain her
      destiny. Failure to do so would make the impending tragedy inevitable and mind
      boggling. Nigeria as “is” today has no sight. It is the blind man in a
      completely dark room, seeking a black hat that is not there.”

      ………………..Remi Oyeyemi

      (January 18th, 2017)

    • thusspokez

      The typical tosh [aka “Nigerian argument”] — all insults, puerile, churlish and devoid of any argument or logic.

      • ?????????

        BUT WHY DID @Retired Journalist CONVINCE ME ON ALL POINTS IF IF HIS ARGUMENT IS PUERILE?

        • thusspokez

          Your choice of alias ‘?????????’ should provide you the answer that you are looking for. It takes one to understand one!

    • Mufu Ola

      I think you need more education than those you’re suggesting “good” education for.

  • Gary

    The Saraki-Buhari deal at play. What’s next in the script for the sellout? Is that why Saraki is playing along with withholding the confirmation of Justice Onnoghen as substantive CJN?
    We are watching.

    • marcos avelino

      Mr Onnoghen s corrupt the DSS has detals of his huge bank accounts thats why he will not be confirmed

      • emmanuel

        On the night of DSS raid on Judges home, i said Onnoghen was a major target which they missed out and that Buhari would eventually play his script.
        You are throwing stones into the bush now ahead of whatever fake report the DSS would pull.
        Bottomline. a foolani as CJN and everyone will keep quiet as usual. But i know the bubble will burst someday.

  • Burning Spear

    Journalism is about helping to keep the masses abreast of the evil acts of politicians in the Senate and that of the Fulanis from Niger Republic now in charge of Aso Rock–ati Southern Kaduna and North Central—A senate that cannot tell the masses how Bingo Buhari utilized the money projected in the 2015 and 16 budgets needs to have their head examined——–As far as Nigerians are concerned———-the Apes in Apc have failed them—-The only way out is for us to go the way of the Russians————————-we can not continue to go round in circles for another 50 years-

  • prevail

    Obviously he didn’t do what he was supposed to do, now he has done it, the budget has been approved.
    #change#

  • Sword of Damocles

    Corrupt Bargain, scratch my Back….. Quid Pro Quo. The Nigerian way. The Oligarchic Clique/elites strikes again. Maybe the Senators did not put on their glasses when they were reading the same documents previously…. SMH
    Translated …. the government has made their deal with the NASS and that is the end of that

    • Powerlessconscious

      Do you want the proposal to stall? Or which kind of people are this?