The Senate has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP).
The Senate at plenary on Wednesday set the benchmark price of crude at $52 dollars per barrel, against the benchmark price of $65 dollars per barrel set by the Federal Ministry of Finance.
The Senate also set an exchange rate of one hundred and ninety naira to one dollar against one hundred and sixty five naira to the dollar set by the Ministry of Finance.
The Chairman Senate Committee on Finance, Senator Ahmed Markarfi, said the benchmark price of crude was reviewed lower because of the falling price in the international market.
The Senate also approved the reduction of recurrent expenditure from N2.6 trillion to N2.4 trillion and increased capital expenditure from N633 billion to N700 billion.