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Buhari Submits 2017 Draft Budget To Senate With “Exchange Rate of N290/$1”

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President Muhammadu Buhari on Tuesday submitted a draft budget for 2017 Fiscal year to the Senate for approval.

The plan assumes an oil price benchmark of $42.5 per barrel and production of 2.2 million barrels a day.

It also assumes an exchange rate of N290 to the U.S. dollar. The exchange rate is supposedly floating and currently trades above N315 at the interbank market.

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The Federal Government proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year. This compares to the N6,060,677,358,227 budgeted for the 2016 fiscal year.

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These were contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to the Senate by President Muhammadu Buhari on Tuesday. 

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