Nigeria Senate approves $4.3b supplementary budget

Nigeria’s Senate on Wednesday passed a 645 billion naira supplementary budget for this year that includes an increase in wages for civil servants, doctors and professors.

To help offset some of the extra spending, the Senate also approved legislation trimming the initial 2010 budget by 200 billion naira to 4.4 trillion.

Assumptions in the budget were also revised lower. Under the Senate’s bill, government spending assumed oil production of 2.2 million barrels per day, down from 2.35 million bpd approved in the budget signed into law in April.

The crude oil benchmark of $67 was also lowered to $60 a barrel.

The House of Representatives is expected to vote on the bill later this week.

Source: Reuters