Nigerian Senate passes N6.06 trillion budget for 2016

23 Mar 2016
Financial Nigeria

Summary

The Senate approved N6.06 trillion for 2015, which is lower than the N6.08 trillion submitted by President Buhari.

Nigerian President Muhammadu Buhari

The Nigerian National Assembly has passed the 2016 budget into law. The 2016 Appropriation Bill was presented to the National Assembly by President Muhammadu Buhari, on December 22, 2015.

The Senate approved N6.06 trillion for 2015, which is lower than the N6.08 trillion presented by President Buhari.

Based on the approved budget, N1.5 trillion ($7.6 billion) is allocated to Capital Expenditure; N2.6 trillion ($13.2 billion) is for Recurrent Expenditure; N351 billion ($1.8 billion) is for Statutory Transfers; while N1.4 trillion ($7.1 billion) is for Debt Servicing.

The 2016 budget has a benchmark oil price of $38 per barrel and oil production of 2.2 million barrels per day. The exchange rate has been pegged at N197 per dollar.


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