National Assembly passes N7.441 trillion 2017 Budget

    The 2017 budget has been passed by the two chambers of the National Assembly—147 days after it was laid before them.

  President Muhammadu Buhari presented a N7.298 trillion estimate before the joint session on Deember 14, last year.
   The appropriation committees of both chambers yesterday presented the reports of the budget for consideration and the bill with an estimate of N7.441 trillion was passed with little complaints, raisng the expected expenditure by N143 billion.
   Oil price benchmark was raised from $42.50 proposed by the President to $44.50. The lawmakers however retained 2.2 million barrels per day for crude oil production and an exchange rate regime of N305.
   The lawmakwers raised their expenditure plan from N115 billion to N125 billion.
   For the first time, the lawmakers released an outlay of their budget.
At the House of Representatives, Chairman, Committee on Appropriation, Mustapha Dawaki presented the report which was considered and passed.