President Muhammadu Buhari has sent a draft budget framework for 2017, outlining spending plans to the upper house of parliament for approval.
The figures contained in the document, referred to as the medium-term expenditure framework, must be approved by the Senate before the final budget is submitted.
Overall spending for 2017 is expected to reach 6.866 trillion naira, up from this year’s budget of 6.06 trillion.
It will be a record budget for Nigeria.
The proposal sent to the senate assumes an exchange rate of 290 naira to the U.S. dollar and projects gross domestic product to grow by 3.02 percent.