Senate Approves N4.972 Trillion Budget For 2011
The Nigerian Senate during its sitting today passed N4.97 trillion as budget for 2011.
As passed by the upper chamber of the National Assembly, the budget is made up of N2.467 trillion as recurrent expenditure, while N1.563 trillion is allocated to capital expenditure.
The sum of N497 billion is also set aside for statutory transfers while N445 billion is allocated for debt servicing.
The budget is based on assumption of $75 a barrel and oil production rate of 2.3 million barrels per day, an exchange rate of 150 naira to the U.S. dollar and 7 percent GDP growth rate.
The budget passed today was an increase on the N4.226 trillion budget proposal submitted by President Goodluck Jonathan to the National Assembly last year.
The House of Representatives still need to pass the budget before it can become law.
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