Federal Government pegs 2017 budget on economic recovery

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The Federal Government has christened the 2017 Budget which was signed into law on Monday by Acting President Yemi Osinbajo as “Budget of Economic Recovery and Growth”.

Osinbajo said the name reflected the commitment of the administration to ensure strong linkage between the medium-term Economic Recovery and Growth Plan (ERGP) recently launched by President Muhammadu Buhari and the annual budgets.

According to him, it is designed to bring the Nigerian economy out of recession unto a path of sustainable and inclusive growth.

“The budget has a revenue projection of N5.08 trillion and an aggregate expenditure of N7.44 trillion.

“The projected fiscal deficit of N2.36 trillion is to be financed largely by borrowing,’’ Osinbajo said.

He assured those who had expressed concern about the growing public debt that “we are taking several actions to grow government revenues…

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