• House of Representative Pass 10.8 Trillion Naira Budget to Senate

  • Jun 11 2020
  • Length: 3 mins
  • Podcast

House of Representative Pass 10.8 Trillion Naira Budget to Senate

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  • Summary

  • House of Representatives on Wednesday passed a revised 10.8 trillion-naira ($30 billion) budget based on oil prices at $28 per barrel. The budget is 300 billion naira above the one submitted by President Muhammadu Buhari late last month, and increases the expected oil price by $3 per barrel. The government had planned to cut its record 2020 budget due to the coronavirus pandemic and an oil price plunge, but the version passed by the House is above the 10.59 trillion-naira level approved by Buhari in December. The budget also assumes oil production at 1.9 million barrels per day (bpd). Oil prices have recovered from a 20-year low of just under $16 per barrel hit in March, and were trading at $41.65 on Wednesday evening. Senate President Ahmad Lawan said the upper chamber would consider the revised 2020 budget on Thursday, after receiving details of some of the 500 billion-naira COVID-19 intervention fund that is part of the budget. Learn more about your ad choices. Visit megaphone.fm/adchoices
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