The Nigerian Senate has increased the proposed 2020 budget to N10.729 trillion from the initial N10.002 trillion. This was disclosed at the Senate on Thursday while the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) was being passed.
Also, the Senate approved all the 16 recommendations contained in the report of the National Assembly joint committee on Finance and National Planning, on the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The Senate also increased the oil benchmark from $55 per barrel to $57 per barrel, representing a $2 increase. The 2020 revenue target for Nigerian Customs Service also increased by N557.4billion, that is, from N942.6 billion to N1.5trillion.
Meanwhile, the Senate retained the exchange rate at N305 per dollar and oil production benchmark at 2.18mbpd as proposed in the MTEF/FSP by the executive.
More details shortly…