The amount includes N97.6 billion which is equivalent of $320 million expected from the Swiss government, part of what is called the Abacha loot recovery, as well as N72 billion that has already been received in recent cases of loot recovery plus a balance of N90 billion. Director-General of Budget Office, Ben Akabueze, stated this at the public presentation of the 2017 Appropriation Bill breakdown held at the Presidential Villa, Abuja.
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Akabueze said: “A total of N259.6 billion recovered loot will be used to finance the budget. This includes N97.6 billion which is equivalent of $320 million expected from the Swiss, part of what is called Abacha loot recovery. Then it also includes N72 billion that has already been received in recent cases of loot recovery.
And a balance of N90 billion. “Other expected recoveries are at an advanced and reasonable stage that we feel comfortable and confident that they would come through in 2017. So, they have been reflected in the budget.”
Also speaking at the event, the Minister of Budget and National Planning, Udo Udoma, allayed fears that the National Assembly had not approved the Medium Term Expenditure Framework (MTEF) before the presentation of the 2017 budget last week by President Muhammadu Buhari. He said that the National Assembly already has both the MTEF and the budget, which they will work on, at their own pace.
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Udoma, however, stressed the determination of the government to pull Nigeria out of recession. He said: “With respect to the question about the MTEF, the National Assembly has the MTEF, which has been updated. And they have the budget, so everything is with them.
“So, they will determine how they treat it. I am sure the sequence will be they do the MTEF before they do the budget. But everything is with the National Assembly. “We are determined to bring succour to our people. The only way is by taking strong actions to change the current trajectory of the Nigerian economy.
“To get out of the recession and bring the country back on the path of growth, government must find the resources to spend on infrastructure, and to spend to reflate the economy.”
The Minister of State for Budget and National Planning, Zainab Ahmed, in her remarks, admitted that the Social Intervention Scheme, otherwise called N-Power jobs piloted by the Federal Government, has not performed fairly well.
She said that the implementation of the programme would improve next year since it was only at a planning stage in 2016. Ahmed said the social intervention programme encountered teething problems within the year.
According to the breakdown given by Udoma, the Federal Government has earmarked N50 billion for setting up of special economic projects across the six-geo-political zones of the country in the 2017 budget.
The sum of N20 billion is equally earmarked in the budget for the resuscitation of Export- Expansion Grant (EEG) to boost export activities.
Other new initiatives introduced in the 2017 budget include, a new social housing programme to gulp N100 billion with a future target of N1 trillion funds, N15 billion approved to support Micro, Small and Medium Scale Enterprises (MSMEs), while the Bank of Industry (BOI) and Bank of Agriculture (BOA) are to be recapitalised. Udoma said the new initiatives geared towards manufacturing sector will support economic diversification and inclusion in government’ growth-drive.
Other key projects proposed to be funded from the N7.298 trillion budget presented last week to the joint session of the National Assembly by the president are, Power: N20bn, rural electrification projects in federal universities; N18.7bn as counterpart funding for the construction of 3,050mw Mambilla hydropower project and N7.12bn for the completion of power evacuation facility for 400mw Kashimbila hydropower plant.
In housing, N41 billion is budgeted for National Housing Programme nationwide.
Under Works, over 65 roads and bridges projects are to be constructed and rehabilitated across the six geo-political zones of the country; N20 billion nationwide intervention fund for roads; N31.5 billion for the rehabilitation/reconstruction and expansion of Lagos–Shagamu–Ibadan dual carriageway sections I & II in Lagos and Oyo states. For Education: N5 billion is budgeted for the provision of security infrastructure in 104 colleges (perimeter fencing, solar street light, solar powered motorised borehole & CCTV).
Transpor t a t i o n : N213.14 billion for various railway projects (Lagos-Kano, Calabar- Lagos, Kano- Kaduna, Ajaokuta-Itakpe-Warri, Kaduna-Idu)/counterpart funds and other rail projects; N3.03 billion for the construction of terminal building at Enugu Airport; N2.08 billion for airside rehabilitation of Abuja Airport; and N2.47 billion for the construction of an inland river port and supply of cargo handling equipment at Baro, Niger State.
Under Health, the Federal Government proposes to spend N11.72 billion for joint venture investments in tertiary institutions with Nigeria Sovereign Investment Authority; N7.65 billion for procurement of vaccines and devices, and N6.46 billion for Global Fund and GAVI counterpart funding.
For water resources, the government earmarks N18.86 billion for water supply schemes nationwide, N14.3 billion for construction and rehabilitation of dams nationwide. For Agriculture and Rural Development, N6.5 billion was earmarked for rural roads and water sanitation programme; N2.61 billion for promotion and development of Wheat Value Chain and N4.13 billion Guaranteed Minimum Price payment.
For Mines & Steel Development, N1 billion for the establishment of mega regulatory agency for the sector, N2.58 billion for detail mineral resources evaluation, equipping national geoscience laboratories and other projects.
For Niger Delta, N6.55 billion was set aside for dualisation of East-West Road (Sections 1 to 5 covering Warri – Kiama – Ahaoda – Port Harcourt – Eket – Oron – Calabar) and N8 billion counterpart fund contribution for East-West road.
Under regional interventions, N65 billion is earmarked for reintegration of transformed ex-militants under the Presidential Amnesty Programme and N45 billion for North-East intervention fund. The sum of N20 billion is voted for SDGs’ conditional grants and social safety nets in 2017.
He said that N500 billion had been allocated for the Social Intervention Programmes, which included Home Grown School Feeding Programme, Government Economic Empowerment Programme, Nigeria- Power Job Creation Programme, Conditional Cash Transfers and Social Housing Fund. Udoma said government would rely on various revenue sources as a means of funding the 2017 budget.
The budget envisages total revenue of N4.94 trillion, exceeding the 2016 projection by 28 per cent. The projected revenue receipt from oil is N1.985 trillion and non-oil is N1.373 trillion.
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