President Muhammadu Buhari has sent the proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year.
According to report, the President also pegged the oil production figure for next year at 2.2 million barrels per day, while the projected oil benchmark price is pegged at $42.50.
Average exchange rate for the year is slated at N290.00 per dollar.
These figures were contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented before the Senate by President Buhari on Tuesday.
In the 2016 proposal, the government budgeted N6,060,677,358,227 for the fiscal year, while it pegged the oil production volume also at 2.2 million barrels per day.
The oil benchmark for 2016 was pegged at $38, while the average exchange rate for the same year was pegged at N197 per dollar.
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