On Wednesday, 14thÂ December 2017, the president of Nigeria, Muhammadu Buhari presented a 7.298 trillion naira 2017 budget proposal to the joint session of the National Assembly. This comes after soÂ much delay and the budget, which is said to be the budget of recovery and growth, is 20.4 percent higher than the 2016 budget.
Since the global oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its only source of revenue. Chinaâ€™s economic slowdown, as well as the United Statesâ€™ rate hike, also affected its economy adversely. As a result, Nigeriaâ€™s economic growth has declined dramatically, with its currency falling to an all-time low. Investors are pulling out regularly as most of them are scared to leave their investments in the country, thanks to new monetary policies. The Central Bank of Nigeria put in stringent policies to help save the naira from falling but they backfired.
Nigerians are expectant that the 2017 budget would be a way out of the recession but some analysts are saying otherwise. The budget will now be left in the hands of the National Assembly for debate and passage before the budget will be approved. This report by Budgit will give you a better insight on the 2017 Budget. You can download it here.