The president, in letters addressed to Senate
President Bukola Saraki and Speaker of the House of Representatives, Hon. Yakubu Dogara, urged both chambers of the National Assembly to expeditiously treat the budget.

Whereas the 2015 budget was predicated on a benchmark of $53 per barrel, foreign exchange at N190 to $1 and oil production of 2.2782 million barrels per day, the benchmark has now been
revised downwards to $48 a barrel; foreign exchange remains at N190 to a dollar while oil production volume has been reduced to 2.2003 million per day.

He explained that the deficit of N1.041 trillion in the 2015 budget, translating to 1.09 per cent of the gross domestic product (GDP), would be largely financed by domestic borrowing of N502.1 billion and foreign borrowing of N380 billion culminating in total borrowings of N882.12 billion.

He added that the expected deficit arising from the supplementary budget is 2.103 trillion or 2.19 per cent of GDP to be financed by additional borrowing of 1.601 trillion through the Debt Management Office (DMO). Buhari, accordingly, requested an upward review of the fiscal deficit from 1.09 per cent of GDP to 2.19 per cent as well as an upward revision of borrowings from 882.1 billion to 2.103 trillion in the 2015 budget.

While giving a breakdown of the 2015 budget and its shortfall, Buhari said: “The Federal Government of Nigeria’s budget revenue of N3.452 trillion was made up of the share of oil and mineral revenue of N1.645 trillion, share of non-oil revenue of N1.215 trillion and revenue of N489.3 billion.


Full Story @ http://www.nutjustoktv.com/president-muhammadu-buhari-sent-asupplementary-budget-of-n466bn-to-national-assembly-for-appropriation/

I thought some SATANOIDS, chest beaters and children of hates said PMB pushed approval for 1 trillion Naira supplementary loan for the budget . Time will tell !!!