Vice President Yemi Osinbajo has confirmed that the Federal Government has proposed about N7 trillion as budget estimate for the 2017 fiscal year.

Daily Trust had exclusively reported early Thursday that President Muhammadu Buhari proposed a N7.2 trillion budget for 2017.

Speaking today during his tour of industries that saw him visiting two agricultural factories in Sagamu, Ogun State, Osinbajo confirmed that the 2017 budget would be about N7 trillion.

The Vice President, however, stressed that N7 trillion could not make a huge difference in a N90 trillion economy like Nigeria's.

He said the Federal Government very strongly believed that it could not deliver on its economic agenda without a serious partnership with the private sector.

He stated: "Our entire budget size for 2016 is something in the order of just over N6trillion, and we will probably be moving to about N7 trillion in the 2017 budget. But N7 trillion is certainly not the kind of money. It does sound like a fair amount of money, but certainly, it is not the kind of size that can really make a huge difference in a ninety trillion Naira economy such as we have.

"So, the real issue is that the contribution of the Federal Government is catalytic, the Federal Government can only make some catalytic contributions in terms of infrastructure and some incentives for the private sector.

"The real contribution is going to come from the private sector and that is why these partnerships are absolutely important to us, and what we are looking at is some game-changing type of projects, such as we have here. The types of projects that can make a real difference, because when we are talking about backward integration, the whole rural value chain."

The vice president noted that President Buhari had talked very much about diversifying the economy as a way out of the current recession, saying "It's the right and proper thing to do for the country."

Osinbajo said: "When we're saying agriculture is the way to go, from agriculture, we can employ a lot of people and then the whole value chain, from farm to table; we can do so much. That requires serious investment; it requires the types of enterprises where significant amounts of resources will have to come, in order to make that difference. So, we're trying to partner with the kinds of serious investors, serious businesses that can really make a difference.

"And I think that this project is one such investment that I believe will make a significant difference. From listening here today, especially all about the local products, the crops and grains that are going to be used in this factory; Sorghum, the feed mill factory, wheat; all these are for us right on point. With some of what we're getting, the better yields coming from the wheat that we see today, we think that what you're doing is going to be really tied to that, because we must be self-sufficient, even in wheat production.

"We thought that was impossible a few years ago, but what we're seeing now is that there are actually better yielding seeds that we can lay our hands upon, that can increase the yield, especially in wheat, and I think that this tied very well with that. At the moment, there is a shortage of animal feed everywhere, especially because of the shortage of maize. So, the feed mill is going to be absolutely important in achieving some of our objectives.

"The sorghum mill is really a big attraction, so we think that what you are doing is really spot on, it’s really the right way to go and we're committed to supporting the Honeywell Group in ensuring that this happens and we'll do all that's required to make sure that this projects succeeds. We think that there are very very important synergies with other areas of the economy as well and we naturally expect that lots of jobs will come from this, as that is important to us here will be plenty of industrial opportunities, quality jobs that'll mean more taxes as well."

Read more at http://www.dailytrust.com.ng/news/general/2017-budget-n7trillion-can-t-make-huge-impact--osinbajo/174153.html#RxvDjZbtdIOgEMOw.99

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Chai! Anything APC is all about negativity.They stole & padded the budget. APC members corruption is no corruption as they're satanic saints.After the backlash against sales of national assets,they want to borrow $29.9 which also failed.Then they want to take the heat to the common man by taxing all the basic necessities of life they promised & were supposed to readily make available.Even phone calls & data were not left out.Now this midget VP is making this disclosure? I give up on Nigeria.

The man is right. If our import bill per month is N976bn and our entire budget is N7Tr, in 12 month we would have experienced close to N11.5Tr loss due to capital flight resulting from importation. This alone will negate the effect of N7Tr budget.
Our import-fueled lifestyle is our main undoing and not any govt policy per sè.

Abeg 7trillion na the same with 7naira abi 7million? Cos Me is not understanding the government at all at all.

I'm Speechless



Surely the guy below me Will have something more important to say on this thread

csamii:
Abeg 7trillion na the same with 7naira abi 7million? Cos Me is not understanding the government at all at all.

The 6.9Trillion budget of scam never produced any effect,it's this padded one again that will? The more you see,the less you understand in this APC government

another excuse for 2017
.. He's practically trying to say don't expect much from us next year

hmmm

The overhyped 6 trillion didn't make any impact too. This government is appearing clueless and moronic as the day goes.