The Nigerian Senate and the House of Representatives Wednesday passed the 2018 budget.
The budget was inflated by N500 billion: from N8.6 trillion to N9.1 trillion, six months after it was presented by the executive.
President Muhammadu Buhari presented the budget to a joint session of the National Assembly on November 7, 2017.
Both houses of the National Assembly on Tuesday received the budget report of their appropriation committees.
At the Senate, the chairman of the senate committee on appropriation, Danjuma Goje, said the increase of N500 billion was done in consultation with the executive.
He said the increment was informed by a decision to increase oil benchmark from the proposed N45 to N51.
The exchange rate of N305 to a dollar and production of 2.3 million barrels of oil per day was adopted as proposed by the executive.
Mr Goje said the funds accrued from the increment will be spent on some projects already earmarked by the committee.
He said the surplus fund was spread on some ‘critical sectors’ in consultation with the executive.
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