President Muhammadu Buhari has forwarded the Medium Term Expenditure Framework (MTEF) of 2017 to the National Assembly.
The MTEF shows a proposal to spend N6.8 trillion on the 2017 budget with the debt servicing of N1.6 trillion.
Based on the MTEF, the oil benchmark price is put at $42.50 per barrel with 2.2 million oil production per day and an exchange rate of N290 to a dollar.
The document also states that N65 billion will be spent on the Amnesty Programme while N350 billion will be spent on the special intervention Programme in 2017.
Senate President Bukola Saraki acknowledged the receipt of the document at plenary.
The 2017 MTEF is coming two months earlier than that of 2015 which was forwarded to the National Assembly on December 8.
In that MTEF, President Buhari earmarked N500 billion for school feeding programme initiatives, conditional cash transfer to most vulnerable Nigerians and post-NYSC grant.
Out of the budget proposal of N6.04 trillion, the Federal Government’s revenue is projected at N3.82 trillion and would borrow N2.22 trillion to finance the 2016 budget.
The new MTEF is over N700 billion higher than the previous year.
The government had said it is doing its best to cut cost of governance and plug leakages and had also promised to forward this year’s budget early to the National Assembly to ensure early passage.