The Senate has raised the oil benchmark for the 2018 budget from the $45 per barrel as proposed by the Federal Government to $47.

The upper chamber of the National Assembly took the decision at the plenary on Tuesday.

This followed the consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.

2018 Budget passes second reading at House of Reps

The 2018 Appropriations Bill has moved a step closer to becoming a law after the House of Representatives passed it through a second reading on Tuesday.

The House members began discussing the bill last Tuesday.

On Tuesday, they approved a second reading of the bill and referred it to the House Committee on Appropriations and all other relevant standing and subcommittees.

President Muhammadu Buhari in November presented a proposed budget of N8.612 trillion for 2018.

He said with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.

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