By our Reporter
The Nigerian Senate has passed the nation’s budget for the 2023 fiscal year during its session today.
The budget was increased from N20.5 trillion presented by President Muhammadu Buhari in October, to N21.8 trillion (21,827,188,747,391).
This shows an increase of over N1.3 trillion.
The lawmakers increased the Oil Benchmark Price from $70 to $75 to reflect the current market values of the oil barrel in the international market.
Nigeria’s daily oil production rate was pegged at 1.69 million per barrel and the exchange rate at N435 per dollar.
The passage of the budget was a sequel to consideration of the report of the Senate Committee on Appropriation – presented by the chairman, Barau Jibrin.
In his presentation, the lawmaker recommended that N967.4 billion (967,486,010,536) be approved for Statutory Transfers – a category into which the National Assembly budget falls.
