The Senate has passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper MTEF/FSP submitted to it by President Muhammadu Buhari last week.
This followed the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.
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The upper chamber increased the proposed nation’s budget for 2020 from 10.002 trillion naira to 10.729.4 trillion naira.
The Senate also increased the oil benchmark from 55 per barrel dollars to 57 per barrel dollars, representing a 2 dollars increase.
The Senate also increased the 2020 revenue target by the Nigeria Customs Service by N557.4billion naira, that is, from 942.6 billion naira to 1.5trillion naira.
It however retained the exchange rate at 305 naira per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.
