The Nigerian Senate has passed the 2020 budget.

The budget was increased from N10.33 trillion to N10.6 trillion (10,594,362,364,830). The National Assembly also raised its budget for 2020 from  N125bn to N128bn.

While the Senate maintained Nigeria’s daily oil production rate at 2.18 million per barrel, it, however, increased the Oil Benchmark Price to $57 per barrel against the $55 proposed by the Executive.

The committee retained the inflation rate at 10.81 per cent and the exchange rate at N305-$1 as proposed by the executive. It also retained GDP Growth Rate at 2.93 per cent as proposed.