NASS passes N6.060trn 2016 budget, reduces it by N17bn

March 23, 2016 Jide Ige

After more than a month of delay and controversy, the Senate has today passed the 2016 Appropriation Bill and reduced the budget size from the initial N6.077trn presented to the federal parliament by President Muhammadu Buhari on December 23, 2015, to N6.060trn, a difference of
N17bn.
The federal lawmakers approved the N1.587trn as the capital expenditure portion of the budget and the recurrent expenditure of N2.646.3trn.
They also approved N351.37bn as Statutory transfers, N1.475.3trn for Debt Service, and N2.2trn for Fiscal deficit.
The federal parliamentarians also adopted the oil benchmark of $38; Crude production of 2.2000m barrel per day and the exchange rate of N197 to $1 for the implementation of the budget