The budget was passed by the upper legislative chamber after the presentation of the report on the document by the Senate committee on appropriations.
Chairman of the committee, Senator Danjuma Goje, presented the report at plenary on Wednesday, May 16, 2018.
The N8.6 trillion 2018 budget which was presented before a joint sitting of the National Assembly on Tuesday, November 7, 2018, by President Muhammadu Buhari has the objective of delivering a three-year Economic Recovery and Growth Plan (ERGP).
The National Assembly had increased the budget to N9.120 trillion – indicating an extra N508 trillion.
In his presentation, Senator Goje noted that the increase was arrived at after the worked on the document.
The 2018 budget is premised on an Oil benchmark of $51 per barrel, crude oil production of 2.3 million barrels per day and an exchange rate of N305 to the dollar.
Details of the 2018 budget as seen by Pulseshows that N530,420,368,624 has been earmarked for statutory transfers; 2,203,835,365,699 for debt service; 3,512,677,902,077 for recurrent expenditure.
Capital expenditure stands at 2,873,400,351,825; fiscal deficit has been placed at 1,954,464,993,775; while deficit to the GDP is put at -1.73 per cent.
In his remarks, Senate President Bukola Saraki expressed gratitude to his colleagues for the work done in putting the document together.
He called for the implementation budget which according to him would help improve the living condition of the Nigerian people and the economy in general.
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