Senate increases, passes 2020 budget


The Senate has passed the 2020 appropriation bill.

The passage was a sequel to 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 Muhammadu Buhari on October 8 to N10.6 trillion (10,594,362,364,830).

In the report presented by Mr 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.

The committee retained the inflation rate at 10.81 per cent and the exchange rate at N305-$1 as proposed by the executive. It also…



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