Senate Passess N6.060 Trillion Budget

Senate President Bukola Saraki

The Senate, on Wednesday, made good its promise to pass the  2016 Appropriation Bill before the expiration of the current financial year and passed the document into law.
The budget was however reduced by N17bn . President Muhammadu Buhari on December 23, 2015,presented an estimated budget of  N6.077 to the Legislators but the budget was discovered be to fraught with bogus figures after which the sum of  N6.060trn was arrived at.

 The budget is not significantly different from the past save for the amount. As usual  capital expenditure got the least of  N1.587trn  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.
An 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.
On the difference of N17bn, Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, admitted that the 2016 budget proposal contained a number of errors of omissions,  particularly in the area of personnel cost.

Senate President, Bukola Saraki, call for the immediate signing of the bill and implementation saying the Federal lawmakers have done their bit.