Nigerian Senate Increases, Passes 2020 Budget

The Senate has passed the 2020 budget, following the presentation of a report by the chairman of the Senate Committee on Appropriation, Barau Jibrin.

National Assembly Complex
National Assembly Complex

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.

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