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Reading: Buhari Submits 2017 Draft Budget To Senate With “Exchange Rate of N290/$1”
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PHOTOSPEAKS

Buhari Submits 2017 Draft Budget To Senate With “Exchange Rate of N290/$1”

Kanyi Okeke
By Kanyi Okeke
Published: October 5, 2016
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Buhari Submits 2017 Draft Budget To Senate With “Exchange Rate of N290/$1” 1

President Muhammadu Buhari on Tuesday submitted a draft budget for 2017 Fiscal year to the Senate for approval.

The plan assumes an oil price benchmark of $42.5 per barrel and production of 2.2 million barrels a day.

It also assumes an exchange rate of N290 to the U.S. dollar. The exchange rate is supposedly floating and currently trades above N315 at the interbank market.

The Federal Government proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year. This compares to the N6,060,677,358,227 budgeted for the 2016 fiscal year.

These were contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to the Senate by President Muhammadu Buhari on Tuesday. 

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ByKanyi Okeke
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Kanyi is the Founder & Editor-in-Chief of KanyiDaily.com.When she's not serving DAILY delicious scoops on Entertainment and news, you can find her reading a book by the beach.Keep up with Kanyi on Instagram and Twitter or through her email [email protected]
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