The Senate has passed the 2020 budget, following the presentation of a report by the chairman of the Senate Committee on Appropriation, Barau Jibrin.
The budget was increased from N10.33 trillion presented by President Buhari on October 8 to N10.6 trillion (10,594,362,364,830).
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In the report presented by Jibrin, N560.47 billion is for statutory transfers (a category into which the National Assembly budget falls).
While the Senate maintained Nigeria’s daily oil production rate at 2.18 million per barrel, it, however, increased the Oil Benchmark Price to $57 per barrel against the $55 proposed by the Executive.