BREAKING: Senate Passes 7.441 Trillion 2017 Budget
The Senate has passed the 2017 Appropriation Bill with a total budget estimate of 7,441,175,486,758 trillion Naira.
Both the Senate and House of Representatives had earlier in the week agreed to a higher volume than the draft worth 7.298 trillion Naira budget submitted by President Muhammadu Buhari to the lawmakers in December.
Lawmakers said the budget assumes an oil price of $44.5 a barrel and foreign borrowing of 175.9 billion Naira and domestic borrowing of 1.488 trillion Naira.
The budget must be passed by lawmakers before the president can sign it into law.
Nigeria is in its second year of recession brought on by low oil prices which have slashed government revenues, weakened the naira currency and caused chronic dollar shortages.
Last year's budget - passed in May 2016 - was delayed for months due to disagreements between lawmakers and the presidency, cutting the supply of government money and deepening the economic crisis.