Nigeria’s 2017 Budget Highlights

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• The passed budget is 7.44 trillion Naira, an increase of about 140 billion naira over the 7.298 trillion Naira proposed by the Executive

• The infrastructure component is 2.18 trillion Naira, which is about 30 percent of the total budget. (1.2 trillion Naira was spent on infrastructure in the 2016 budget — a record sum — of the roughly 1.8 trillion Naira budgeted for that purpose)

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• The 2017 budget signed into law by Acting President Osinbajo is based on the following assumptions: an oil price benchmark of US$44.50 per barrel (Executive originally proposed US$42.50), average crude oil production of 2.2 million barrels per day, and an exchange rate of N305/dollar

• The 2017 budget prioritizes Roads and Railway Projects, Social Housing, Special Economic Zones, Social Investment Programmes, River Basin Development, Presidential Amnesty Programme, and development in the Niger Delta and North East.

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• Priority Road Projects in the budget include the following: The Second Niger Bridge, Lagos-Ibadan Expressway, Abuja-Abaji-Lokoja Road, Kano-Maiduguri Road, Enugu-Port Harcourt Road, Benin-Sagamu Road, and the Odukpani-Itu-Ikot Ekpene Road.

• Priority Rail Projects in the budget include the Lagos-Kano Rail and the Lagos-Calabar Coastal Rail.

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Hamilton Nwosa

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