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The Senate's decision to increase the budget by over N500 billion was as a result of the increase in oil benchmark from $45 per barrel to $51 per barrel.

The amount represents an increase of n508 billion from the sum of n8.612 trillion presented by president Muhammadu Buhari to the national assembly last November.

The Senate has received the long-awaited report on the 2018 Appropriations Bill from its Committee on Appropriations.

The national assembly has passed the 2018 budget after a six-month delay.

The original budget spending plan was N8.6 trillion.

He said the surplus fund was spread on some "critical sectors" in consultation with the executive.

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At the House of Representatives, the Chairman, Committee on Appropriation, Mr. Mustapha Bala-Dawaki, presented the report to the House session, which was presided over by the Deputy Speaker, Mr. Yussuff Lasun, on Tuesday.

According to the report, N42.72 billion will be spent on security, N106.50 billion for the Ministry of Power, Works and Housing, N15.7 billion is earmarked for Education, N10 billion for Judiciary while N44.20 billion for Niger Delta Development Commission (NDDC).

In his remark, Senator Lane Tejuoso, expressed delight over the consideration of the Senate to implement the National Health Act.

Expeditious consideration for the 2018 budget estimates by both chambers of the National Assembly ran into troubled waters in December a year ago when the federal lawmakers observed that details of implementation of the capital components of the 2017 budget were not made available by the executive.

The Nigerian Senate on Tuesday finally laid the 2018 appropriation bill after postponing it in the past two different times.

The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.


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