Senate Passes 2018 Budget, Increases Oil Benchmark


LAGOS MAY 17TH (NEWSRANGERS)-The Nigerian Senate finally passed the long-awaited 2018 Appropriation Bill, on Tuesday, bringing to an end mouths of horse trading between the executivw and legislature .
The budget, which was pegged at N8.6 trillion by President Buhari, was however jacked up by N508 billion thus bringing the total to N9.1 trillion.
The executive arm of government is however silent on whether It was consulted by the lawmaker before the N508 billion increase.
It would be recalled that President Muhammadu Buhari laid the budget in November 2017 at a joint session of the Assembly.
As presented by the Chairman on Appropriations, Danjuma Goje, the following were maintained; the crude oil production at 2.3mbp/d and the exchange rate at N350/$1.
The oil benchmark was however increased from $45 to $51.
The following were also recommended and approved, N530 billion for statutory transfers, N 2.2 trillion for debt service, N190 billion for sinking funds to aid maturing loans, N3.5 trillion for recurrent non-debt expenditure and N2.8 trillion for development fund for Capital expenditure.
The budget is expected to run for 12 calendar months.

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Posted by on May 17 2018. Filed under National, State. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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