President Muhammadu Buhari on Tuesday submitted a draft budget for 2017 Fiscal year to the Senate for approval.
The plan assumes an oil price benchmark of $42.5 per barrel and production of 2.2 million barrels a day.
It also assumes an exchange rate of N290 to the U.S. dollar. The exchange rate is supposedly floating and currently trades above N315 at the interbank market.
The Federal Government proposed the sum of N6, 866,335,052,740 as budget for 2017 fiscal year. This compares to the N6,060,677,358,227 budgeted for the 2016 fiscal year.
These were contained in the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) submitted to the Senate by President Muhammadu Buhari on Tuesday.