Wednesday, May 16, 2018

Breaking: Senate Passes 2018 Budget After 6 Months


The Nigeria Senate has passed the 2018 budget presented before the National Assembly back in November 2017.

The budget presented by the President was raised by additional N500 billion, from N8.6 trillion to N9.1 trillion.

Speaking on the budget before it was passed, Senator Sani Yerima said the Committee on Appropriations on the 2018 Appropriation Bill spent quality time to assess the bill. He expressed belieft that the budget, when passed, would be a budget of progress.

However, Senator James Manager demanded for an explanation by the Senate on the N500 billion increment.

“Whatever has been done is in full consultation and the Senate needs to tell Nigerians why the budget was increased,” he said.

Aside the increment, another highlight of the passed budget is the raising of the crude oil benchmark from $45/barrel to $51/barrel.