President Muhammadu Buhari will on Tuesday, December 22, present a 6.07 trillion Naira budget proposal to the National Assembly.
The Senate made the disclosure on Wednesday at the National Assembly in Abuja, Nigeria’s capital.
The planned presentation has compelled the upper chamber to shift its earlier plan to proceed on Christmas break from Thursday to next week Tuesday.
The 6.07 trillion Naira budget proposal for 2016 was predicated on $38 per barrel oil benchmark; 197 Naira exchange rate.
It is an increase of about 40 per cent from the previous budget of 4.357 trillion Naira which was presented to the National Assembly in 2014 by the Goodluck Jonathan’s administration.
The budget presentation by President Buhari next Tuesday is coming just as the National Assembly approved the Medium Term Framework Expenditure (MTEF).
The Federal Executive Council (FEC) had on December 7 approved the Medium Term Expenditure Framework which pegs the 2016 Budget at six trillion Naira.
This decision was reached at FEC’s emergency meeting presided over by President Buhari.
Briefing State House correspondents after the meeting, the Minister of National Planning, Udo Udoma, who joined the Minister of Information, Lai Mohammed, said that the crude oil price would be $38, because of the uncertainties in the price of oil.