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Government to commence implementation of Economic Recovery and Growth Plan
The commencement of implementation of the Economic Recovery and Growth Plan (ERGP) is one of the best news from this budget passage.
Professor Yemi Osinbajo
Speaking on the development in Abuja, Chairman Senate Committee on Appropriation, Danjuma Goje, noted that an additional N81 billion spending has been incorporated into the passed document.
“The National Assembly introduced funding for the take-off of the construction of Second Abuja Runway, which was not in the initial submission by the President. We allocated money for the take-off of the project, not finance the whole project but at least the project will start.
“And we are just leading the way for the Federal Government to implement,” he said.
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The lawmakers noted that the increase in the oil benchmark to $44.5/barrel is aimed at freeing funds for infrastructure financing.
President Muhammadu Buhari had presented an N7.289 trillion budgetary spending for 2017, and a $42.5 oil benchmark but the lawmakers increased the figure to N7.441 trillion and $44.5 respectively.
Out of the N81 billion expected to be accrued from this $2 addition to the oil benchmark, N2.5 billion is budgeted for ERGP, N10 billion for the amnesty programme, N25 billion for roads nationwide and N5.8 billion for repairs of the Abuja Airport Runway.
Other items covered under this fund are backlog allowance of NYSC Corps members (N13.06 billion), an increase in personnel cost (N5.1 billion), UNESCO assessed contribution (N1.2 billion) and National Identity Management Commission (N 5 billion).
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