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Breaking: Senate Passes 2020 Budget

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The Senate has today Thursday passes the year 2020 Appropriation bill, with an increased N264.9 billion. The approval followed the adoption of a report of the Senate Committee on Appropriation chaired by Senator Jibrin Barau today.

 

The appropriation amount was increased to N10.594,362,364,830 trillion from N10.330,416,407,347 trillion as was initially proposed by President Buhari on October 8, 2019.

 

In a like manner, the Senate has also shifted the benchmark of the oil price to $57 per barrel instead of the $55 per barrel as was proposed by Mr Buhari, with an estimate of daily crude production at 2.18 million barrel per day, GDP Growth rate at 2.93 percent, while inflation rate paged at 10.81 percent and Exchange rate at N305/US$1 as proposed by the Executive.

 

Details later...

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