Latest Politics Boko Haram Biafra Issue Sports Entertainment Gossip Weddings Lagos More OFFICIAL 199.05 USD/NGN MARKET 325 USD/NGN Advertise Submit your story Opinion NAIJ.com Hausa Feedback to NAIJ.com Jobs Mail Mobile App (Free) Currency Trading Sign in / Get email NEWS › Local news Breaking: Finally! Senate passes 2016 budget Chinenye Ugonna 51 minutes ago 36852 Share on Facebook Share on Twitter Send email – The Nigerian Senate has passed the 2016 budget – It was passed despite the lapses and controversy trailing the budget – The Senate reduced the total budget sum from N6.07trn to N6.06trn The Senate on Wednesday, March 23, finally passed the long awaited 2016 budget submitted by President Muhammadu Buhari. The 2016 Budget of N6,060,677,358,277 was reduced by N17,002,641,773. While presenting a report, Danjuma Goje, the chairman senate committee on appropriation said the budget was filled with controversy. He added that there were many lapses in the budget and in the bid for the Senate to clear up the issues will add more problems. He said if the Senate insisted on clearing up the lapses, the committee would not have been able to meet up with the deadline of submission. READ ALSO: Senate lays 2016 budget report and MTEF “This budget is full of controversy and we did not want to have more controversy or else it won’t have been presented today and the National Assembly would be blamed. “The people would not understand it because people are even saying that we are playing politics,” he said. However, Ike Ekweremadu, the deputy Senate president while making contributions commended the committee and also urged for the lapses to be addressed. On Tuesday, December 22, 2015, President Muhammadu Buhari laid before a joint sitting of the National Assembly the 2016 appropriation bill. The bill contained the estimates of revenue and expenditure of the federation for the 2016 fiscal year in the aggregate sum of six trillion. The Senate debated the bill on January 20, 21, 26 and 27 respectively. The bill was read a second time on January 27, and consequently referred to the committee on appropriations for further legislative actions. READ ALSO: Nigeria Senate may pass 2016 Budget today – Omoworare In preparing details of the bill, the committee adopted a benchmark price of 38 dollars per barrel on crude oil based on the Medium Term Expenditure framework (MTEF) and Fiscal Strategy Paper (FSP). The executive proposals of crude oil production of 2.2 million barrels per day and an exchange rate of 197 naira to one dollar was adopted. After which the highlight of the bill as recommended by the committee was an aggregate expenditure of 6.06 trillion naira. NAIJ.COM HOME PAGE THINK IT IS IMPORTANT? SHARE WITH YOUR FRIENDS! Share on Facebook Share on Twitter Send email SOURCE: Naij.com news TAGS: Budget 2016 nigeria N6.08trillion 2016 budget Nigeria 2016 budget The nigerian senate news YOUR REACTION: GBAM! 10 Haba 1 Chai! 1 LWKMD 0 Eh-Yah 0 RELATED NEWS Read what Senate did with 2016 budget proposal and MTEF Yesterday 2016 Budget: For failing to fulfill its promise to Nigerians, read what NASS said 5 days ago WOW! National assembly to remove N37b items from budget 6 days ago by Taboola Sponsored Links You May Like Iraqi Who Won US Lottery: "I Fear for my Life!" theLotter.com The Ultimate Way to Find Cheap Flights Save70.com Which Countries Provide the Best Medical Treatment Medical Tourism Say Goodbye To Snoring With This Cool Trick Stop Snoring Today 10 Of The Most Bizarre Houses In The World Crazy Freelancer How do you feel about buying clothes online? 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