The 2017 budget was yesterday 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. But the lawmakers passed an estimate of N7.441 trillion, raisng the expected expenditure by N143 billion.
According to The Nation, the appropriation committees of both chambers presented the reports of the budget for consideration and the bill was passed with little complaints.
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/ USD.
The lawmakwers raised their expenditure plan from N115 billion to N125 billion.
For the first time, the lawmakers released an outlay of their budget.
Chairman House Committee on Media and Public Affairs Abdulrasak Namdas, said the budget would soon be transmitted to the Presidency for assent.
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