• Nigerian Senate passes N8.91 trillion ($29 billion) for 2019 budget
  • The figure is N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submitted last December.
  • President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.

Nigerian Senate on Tuesday passed N8.91 trillion ($29 billion) for 2019 budget, N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submittedlast December.

The increase, the parliamentarians explained that it will boost expenditure on security to help the government combat rising militancy and kidnapping in Africa's most populous nation.

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Senator Mohammed Goje, Senate chairman on appropriation, said, “There is a slight increase in the budget deficit. There was also the need to provide more funds for the security and intelligence agencies to deal with additional emerging/unforeseen security challenges in the country.”

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The highlights of the 2019 budget:

  • Crude production of 2.3 million barrels a day.
  • Assumed oil price of $60 per barrel
  • Exchange rate of N305 to the dollar – the official market value of the local currency
  • A projected Real GDP growth of 3.01%
  • Inflation Rate of 9.98%.

President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.