Venezuelan President Nicolas Maduro has decreed the 2017 budget without submitting it for the approv

The socialist president signed the budget for the coming year before hundreds of his followers and accompanied by members of his cabinet in a public act outside the National Pantheon in Caracas.

"Here is the 2017 budget," the president said, and asked for "the support of the people, of the civic-military union, of those in the street."

Maduro recalled that, "with the quandary of a National Assembly in contempt of court," he consulted the Supreme Court of Justice, or TSJ, about what he should do with the 2017 budget.

The TSJ ruled that on this occasion, the president should present the budget to the high court before October 16 as a decree that would have the standing and power of law, avoiding in that way its submission to the legislature.

The budget was signed for an amount of more than 8 trillion bolivars ($A1.06 trillion) and based on oil revenues estimated at $US30 per barrel.

"We have placed the price of oil as moderate to low, though we know we're going to recover," Maduro said.

The Venezuelan opposition, which for the first time in 17 years controls the country's legislature, has rejected the decree, which it calls unconstitutional.

Pablo JG Marin

The Mariana DAngelo Editorial Group