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Senate passes N9.12trn budget, up oil benchmark $51

The Senate of the Federal Republic of Nigeria has passed the 2018 Budget, which it received from President Muhammadu Buhari in November, 2017.

President Buhari presented a budget of N8.6trn to the National Assembly christened “Budget of Consolidation”, but the senate increased by 6% (an additional N508bn) taking it to the current amount of N9.12trn.

It will be recalled that at a meeting between the President and leaders of the National Assembly Senate President Dr. Bukola Saraki and House Speaker Rt.Hon Yakubu Dogara, there was assurance that the budget will be passed this week.

The lawmakers also increased the oil benchmark for the 2018 budget from $45 proposed by the executive to $51.

Giving his remarks at the senate session on the budget passage, Senator Sani Yerima said “We have taken a lot of time on this and I believe that this is a budget of progress”.

Speaking further on the budget Senator James Manager emphasized the need for the Senate to explain to Nigerians why the budget 2018 was increased.

More details to come….