I Am Confident 2017 Budget Will Deliver Positive Economic Growth - Osinbajo

I Am Confident 2017 Budget Will Deliver Positive Economic Growth - Osinbajo

Professor Osinbajo, who said the process of preparing and passing the budget for 2017 was smoother than it was in 2016 with less wrangling between the executive and legislature, however, said changes made by the lawmakers proved contentious.

The statements have since been denied.

Osinbajo expressed confidence in the Budget 2017 ability to deliver positive economic growth and prosperity for the nation, that is self-sustaining and inclusive. "I have no doubt that by the grace of God, the bleakness of recession is about to witness the uplifting dawn of abundance", said Osinbajo after signing the budget on Monday.

The National Assembly had upon the passage of 2017 budget on May 11, raised the N7.2 trillion Appropriation Bill presented by Buhari past year to N7.4 trillion, with the appropriation document predicating sources of funding on oil revenue pegged at N1.985 trillion, non-oil revenue at N1.73 trillion, external and domestic borrowing, and other federal government independent revenue sources.

This comes after Osinbajo reportedly got the nod of the President Muhammadu Buhari who has been overseas for treatment for over 2 weeks now.

A total of N2.98 trillion was earmarked for recurrent non-debt expenditure, while N2.17 trillion was earmarked for contribution to the development fund for capital expenditure exclusive of capital expenditure in statutory transfers.

He commended the leaders of the National Assembly for their statesmanship and patriotism in resolving the issues around the 2017 budget.

He said the Executive's stance was that the changes affected some of the Federal Government's priority programmes and would make implementation hard or even impossible.

The don, however, advised the Federal Government to ensure diligent implementation of the budget to improve the country's economy and alleviate the sufferings of the people.

He noted that the first half of the year has gone and the signing now kick-starts financial market's strategy that is targeted at the country's fiscal plans, particularly those that deal with interest rate and borrowings.

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