Senate Increases Budget To N10.729trn - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
October 3, 2019
The Senatehas passed the 2020-2022 Medium Term Expenditure Framework and Fiscal StrategyPaper 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 upperchamber increased the proposed nation’s budget for 2020 from 10.002 trillion nairato 10.729.4 trillion naira.
The Senatealso increased the oil benchmark from 55 per barrel dollars to 57 per barreldollars, representing a 2 dollars increase.
The Senatealso increased the 2020 revenue target by the Nigeria Customs Service byN557.4billion naira, that is, from 942.6 billion naira to 1.5trillion naira.
It howeverretained the exchange rate at 305 naira per dollar and oil production benchmarkat 2.18mbpd as proposed in the MTEF/FSP by the executive.