BREAKING: Senate increases budget from N10.002tn to N10.729trn

The Senate on Thursday passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to it by President Muhammadu Buhari last week.



This followed the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.

The upper chamber increased the proposed nation’s budget for 2020 from N10.002tn to N10.729.4 tn.

The Senate also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase.

The Senate also increased the 2020 revenue target by the Nigeria Customs Service (NCS) by N557.4billion, that is, from N942.6 billion to N1.5trillion.

It however retained the exchange rate at N305 per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.