Nigerian Senate passes N6.06 trillion budget for 2016

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The Nigerian National Assembly has passed the
2016 budget into law. The 2016 Appropriation Bill
was presented to the National Assembly by
President Muhammadu Buhari, on December 22,
2015.
The Senate approved N6.06 trillion for 2015, which
is lower than the N6.08 trillion presented by
President Buhari.
Based on the approved budget, N1.5 trillion ($7.6
billion) is allocated to Capital Expenditure; N2.6
trillion ($13.2 billion) is for Recurrent Expenditure;
N351 billion ($1.8 billion) is for Statutory
Transfers; while N1.4 trillion ($7.1 billion) is for
Debt Servicing.

The 2016 budget has a benchmark oil price of $38
per barrel and oil production of 2.2 million barrels
per day. The exchange rate has been pegged at
N197 per dollar.

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