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19 December 2016

Nigerian Government presents 2017 Budget

President Muhammadu Buhari formally presented the 2017 Budget proposal (the budget) on December 14, to the joint session of the National Assembly for approval. The N7.28 trillion budget, titled The Budget of Recovery and Growth, is expected to be higher than the 2016 budget by about 20.4%. The budget is premised on a crude oil benchmark price of US$42.5 per barrel as against US$38 per barrel used in the 2016 budget and emphasizes the need to diversify the economy, increase exports, and reduce the overall reliance on the oil and gas sector of the Nigerian economy.

A Tax Alert prepared by Ernst & Young Nigeria, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-2163

Document ID: 2016-2163

 

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