President Muhammadu Buhari on Wednesday presented N7.29trillion 2017 buy to the joint sessions of Senate and House of Representatives.
The Ministry of Power, Works and Housing in the budget will receive N529 billion allocation.
This allocation according to the President was part of his government focus on infrastructure especially roads and power.
According to him, the budget which is 20.4 percent higher than 2016 appropriation, allocated N262 billion to transportation sector, while Defence got N140 billion and N51 billion allocated to Health sector.
The president equally allocated N85 billion to Water Resources, N63 billion to Trade and Industry, Education got N50 billion, while N61 billion went to Niger Delta Development Commission (NDDC).
In a proposal entitled “Budget of Recovery and Growth,” the president submitted that has been facing most challenging economic situation in history Nigeria, hence efforts to recover the country from the economic recession.
Buhari noted that Nigerians patience, creativity and resilience are being tested due to economic recession.
The president, who admitted that failure to fully implement 2016 budget was due to shortfall fall in oil revenue, promised that the 2017 budget would complement the preceding year.
He added that in the coming year, his government would pursue diversification of the economy, create jobs and prioritize human capital development.
While maintaining that his government remains resolute to ensure safety of lives and properties of Nigerians, the president reiterated his commitment to dialogue with Niger Delta militants to ensure peace in the region.
Buhari commended the National Assembly over resolutions on how to recover from the recession, saying most of them are being reflected in the budget.
Earlier in his remarks, Senate President, Dr Bukola Saraki promised speedy passage of the 2017 budget just as he called on Buhari to promote local made goods as a way of economic recovery.
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