Following the presentation of the 2017 budget that was done today, the National Assembly has accepted the committee’s report but has however, increased the 2017 budget by over N143bn.

It was earlier reported that the President Muhammadu Buhari in December 2016 presented a budget worth N7.298trn to a joint session of the National Assembly.

However, the budget now sum up to be N7.441tn after all considerations by the senate committee on appropriation.

It will be recalled that the Senate Joint Committee on Appropriation and Finance on the 2017 Appropriation Bill on Tuesday had presented its report at the plenary.

• Senate receives 2017 Budget report, fixes Thursday for passage

Meanwhile the Senate President, Bukola Saraki promised that the lawmakers would ensure that the passage of the bill will be on Thursday.

Senate President Bukola Saraki, in his remark commended the committee for a job well done.

Saraki commended the committee for laying the report with details, saying it would help speed up the passage of the bill.

“On behalf of our colleagues let me congratulate the committee.

“This is history been made, because this is the first time report of the Appropriation Bill will be laid with details.

“Because of that, by tomorrow (Wednesday) you will get hard copies of the report, but the soft copy will be ready today.

“We will distribute them and ensure we pass the bill on Thursday,’’ he said.

The 2017 Budget proposal report was laid four days after the expiration of the 2016 fiscal year.

President Muhammadu Buhari had presented a budget proposal of N7.30 trillion for the 2017 fiscal year before a Joint Session of the National Assembly on Dec. 14, 2016.

From details of the proposal presented by President Buhari, the sum of N2.24 trillion, representing 30.7 per cent, will be committed to capital expenditure, while N2.98 trillion will go to recurrent spending.

Also, the oil benchmark price was set at 42.5 dollar per barrel and a production estimate of 2.2 million barrels per day.

The proposal also put the aggregated revenue available to fund the budget at N4.94 tn, which is  28 per cent higher than that of 2016.