Lagos — The Nigerian Senate on Wednesday passed the revised ₦10.8 trillion Naira budget based on $28 per barrel to the Presidency for approval.
The oil benchmark which was originally at $57 per barrel, was earlier revised down to $25 per barrel due to the negative effect of the COVID-19 pandemic on revenue.
Price was later raised to $28 per barrel after prices started picking at the international market.
International Brent dropped to $39.34 per barrel around 3.30 pm Nigerian time after a previous close of $41.36 per barrel. Market blames slopping prices on a new wave of growing U.S stockpiles sweeping across the globe, saying it could override gains from OPEC+ cuts.
The newly signed budget is 300 billion naira above the budget submitted by President Muhammadu Buhari late last month, and increases the expected oil price by $3 per barrel.
The budget having scaled the Senate will now go to President Buhari for approval, after which it funds will be released for implementation.