Nigeria’s Senate passes N9.12 trillion budget into law

Nigeria’s Senate passes N9.12 trillion budget into law

Africa’s largest economy, Nigeria, now has a budget for the financial year 2018.

The country’s upper chamber of its legislative arm has passed the budget totaling about N9.2 trillion into law.

The budget is significantly higher than the N8.6 trillion shared with the Senate by Nigeria’s President Muhammadu Buhari in the December of 2017.

According to Reuters News, the lawmakers said the increase was, as a result of an increase in the benchmark oil price to $51 per barrel, up from $45 in Buhari’s earlier version.

The budget assumes crude oil production of 2.3 million barrels per day and an exchange rate of 305 naira per dollar.

However, The budget will only become law after President Buhari signs it into law. It is not clear if Buhari would disagree with the increment and changes made to the budget.

Nigeria is Africa’s largest economy but it lags behind in infrastructure capital when compared to Egypt and South Africa, the continents second and third largest economies respectively.