Senate Passes 2015 Budget Without Fuel Subsidy Provision

The Nigerian Senate has passed the 2015 budget without making provision for fuel subsidy.

Five months after it was presented, the Senate passed a 4.493 trillion Naira budget for the 2015 fiscal year.

The approved budget was 51 billion Naira higher than the budget estimate of 4.425 trillion Naira proposed by the executive.

The Senate reduced the recurrent expenditure proposed by the executive from 2.607,601 trillion to 2.607, 132 trillion Naira and also scaled down the capital expenditure from 642.848 billion to 556.995 billion Naira.

Benchmark price of crude was set at 53 dollars per barrel with an exchange rate of 190 Naira to $1. (Channels TV)