The Senate and the House of Representatives yesterday passed the 2016 budget of N6.060tn.This showed a reduction of about N17bn from the adjusted figure of N6.077tn, which President Muhammadu Buhari presented to the National Assembly.
Crude oil production for the nation was pegged at 2.2 million barrels per day and the exchange rate of N197 to $1 was kept as originally proposed by the President.
Both chambers approved N1.587tn as the capital expenditure portion of the budget as well as recurrent expenditure of N2.646.3tn.
They also approved N351.37bn for statutory transfers, N1.475.3tn for debt servicing, and N2.2tn for fiscal deficit.
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