Nigeria's lower and upper parliamentary chambers passed the 2017 budget, set at 7.44 trillion naira, on Thursday, lawmakers said.
Both chambers had agreed to a higher volume than the draft worth 7.298 trillion naira budget submitted by President Muhammadu Buhari to lawmakers in December.
The budget assumes an oil price of $44.5 a barrel and foreign borrowing of 175.9 billion naira and domestic borrowing of 1.488 trillion naira, lawmakers said.
The budget must be passed by lawmakers before the president can sign it into law. President Buhari is on medical leave in Britain and on Sunday handed over power to his deputy Yemi Osinbajo.
Nigeria is in its second year of recession brought on by low oil prices which have slashed government revenues, weakened the naira currency and caused chronic dollar shortages.
Last year's budget - passed in May 2016 - was delayed for months due to disagreements between lawmakers and the presidency, cutting the supply of government money and deepening the economic crisis.
Meanwhile, the national assembly has released details of its budget for 2017., which is summed at N125 billion.Both chambers had agreed to a higher volume than the draft worth 7.298 trillion naira budget submitted by President Muhammadu Buhari to lawmakers in December.
The budget assumes an oil price of $44.5 a barrel and foreign borrowing of 175.9 billion naira and domestic borrowing of 1.488 trillion naira, lawmakers said.
The budget must be passed by lawmakers before the president can sign it into law. President Buhari is on medical leave in Britain and on Sunday handed over power to his deputy Yemi Osinbajo.
Nigeria is in its second year of recession brought on by low oil prices which have slashed government revenues, weakened the naira currency and caused chronic dollar shortages.
Last year's budget - passed in May 2016 - was delayed for months due to disagreements between lawmakers and the presidency, cutting the supply of government money and deepening the economic crisis.
The budget, which is summed at N125 billion, is N10 billion above the amount proposed by President Muhammadu Buhari in December.
According to the breakdown of the budget, the management of the national assembly has N6.7 billion for personnel cost, N6.2 billion for overhead costs and N2 billion for capital.
The total money voted to the management of the national assembly is N14.9 billion.
The senate has N1.8 billion for personnel costs, N25 billion for overhead costs and N4 billion for capital, receiving a total of N31 billion.
The house of representatives has N4.9 billion for personnel costs, N39.6 billion for overhead costs and N4.5 billion for capital. The total sum voted for to the lower legislative chamber is N49 billion.
The national assembly service commission has N961 million for personnel cost, N1.1 billion for overhead costs and N309 million for capital, and a total of N2.4 billion.
Public accounts committee of senate got N118 million for overhead costs.
The house of reps got N142 million for same.
This is the first time in eight years that federal lawmakers will make details of their budget public.
© Reuters News and Cable
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