The executive had proposed a $45 per barrel in the 2018 budget estimates submitted to the National Assembly. The Nigerian Senate has increased the crude oil benchmark from $45 to $47 per barrel for the 2018 budget.The decision of the Senate was sequel to the recommendations by its joint committee on finance, appropriation, national planning and economic affairs.Speaking on behalf of the committee, Senator Yahaya Abdullahi said the recommendations were made after due consideration of the assumptions in relations to the current realities.Non-oil projections were also reduced from N5.567 trillion to N5.279 trillion. The joint committee recommended the adoption of N1.7 trillion for new borrowing for 2018.It urged relevant committees of the national assembly to constantly and closely oversight the ministries, departments and agencies on the implementation of these programmes to ensure effective compliance.

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