Mr President said at the ceremony that government bench-marked the 2017 budget at N305 naira against one US dollar ($1).
He said the budget is also predicated on daily crude oil production of at 2.2 million barrels and at $42 per barrel.
NAN reports that he said for the country to effectively diversify from oil, it would need oil money for the movement.
Tagged budget of economic recovery and growth, it is centered on agriculture and manufacturing.
He said that the budget would bring the nation out of recession.
The President said that government would continue to fortify “our defence’’ and spend on it till “all our enemies within and without are subdued.”
He said that government would retain N500 billion social intervention fund in the 2017 budget. That means there will be money for feeding of school children, IDPs, N-Power scheme and others.
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