Story:
The senate has passed a buget of N4,608,616,278,213 of which N180,279,158,994 is for statutory transfer, while N497,071,797,452 is earmarked for debt service. N2,077,358,560,347 is for recurrent expenditure and N1,853,906,761,420 is for contribution to the development fund for capital expenditure for the year ending 31 December 2010.
The budget is based on the projection of $67 per barrel benchmark oil price and crude oil production of 2.350 million barrels per day. The Joint Venture cash call projection is $7billion, GDP of 5.47%,inflation rate of 11.2% and the exchange rate of N150 to a US Dollar.
The budget had a total additions and adjustments by the executive in the sum of N336 billion, showing a rise of executive proposals of the budget from N4,079 trillion to N4,415 trillion.
The budget passed today has been harmonized with the House of Representatives. It will now be transmitted to the Acting President for signing into law.
