June 10, 2020 / 4:53 PM / a month ago

Nigeria's House of Representatives passes 10.8 trillion naira budget based on $28/bbl oil

ABUJA, June 10 (Reuters) - Nigeria’s House of Representatives on Wednesday passed a revised 10.8 trillion naira ($30 billion) budget based on oil prices at $28 per barrel.

The budget is 300 billion naira above the budget submitted by President Muhammadu Buhari late last month, and increases the expected oil price by $3 per barrel.

The government had planned to cut its record 2020 budget due to the coronavirus pandemic and an oil price plunge, but the version passed by the House is above the 10.59 trillion naira level approved by Buhari in December.

$1 = 360.0000 naira Reporting By Camillus Eboh, writing by Libby George; Editing by Toby Chopra

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