BREAKING: Senate passes 2018 budget

  • The
  •  senate has passed the 2018 budget after much delay.

    The senate passed the budget after Danjuma Goje, chairman of the appropriation committee, moved for its consideration.

    In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

    What the president proposed had N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

    The national assembly raised price of the oil benchmark from $45 to $51. The lawmakers maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar.

    However, the budget was raised by N508 billion by the national assembly.