Breaking News: Nigerian Senate Passes 2020 Budget

The Nigerian Senate has passed a record 10.59 trillion naira ($34.72 billion) budget for 2020.

Naija News reports that the chairman of the Senate Committee on Appropriations, Jubril Barau, presented the final report on the floor of the Senate on Wednesday for consideration and passage.

The budget is expected to pave the way for a likely return to January to December budget cycle as it is expected that President Muhammadu Buhari will assent to the bill to make this possible.

The budget for Africa’s biggest economy passed by parliament’s upper house assumes a deficit of 1.52% of the estimated gross domestic product – representing around 2.18 trillion naira – to be financed through foreign and domestic borrowing.