That is abysmally low and the reason why government has struggled to meet obligations and has borrowed extensively to the tune of 4 trillion as revealed by Emir Sanusi.
Debt servicing will therefore take 1.6 trillion out of our N7 trillion budget in 2017, recurrent expenditure will take another 3 trillion (rounded up) so we have less than N2.4 trillion for Capital projects.
Government hopes to earn a revenue of N3.3 trillion next year and borrow N2.3 trillion so how are we going to make up the difference or did I miss something except we plan to borrow more through the back door as we did this year. Will this budget reflate the economy as hoped? Time will tell.
PS: I did miss something. In addition to the N3.3 trillion above, we also expect to earn N1 trillion from independent and other sources and N565b from recoveries.
That means N4.8 trillion with N2.3 trillion deficit to be borrowed. It is imperative that we achieve these target revenues.