President Buhari to present 2016 appropriation to National Assembly next week

As it gets set to receive the 2016 budget which is to be presented on Tuesday next week, the Nigeria Senate has approved the medium term expenditure framework and fiscal strategy paper submitted to it by President Muhammadu Buhari.
While approving the framework which projects a 2.2million barrel per day production of crude oil and an exchange rate of 197 Naira to the dollar, the Senate joint committee on finance and appropriation said the passage of the petroleum industry Bill is long overdue.
Speaking on the medium term expenditure framework which spans the period of 2016 to 2018, chairman of the joint committee on Finance and appropriation, Senator John Enoh said the passage of the petroleum Industry Bill especially as it concerns joint venture cash calls is expected to generate 1trillion Naira annually as government revenue.
On his part, Senate President Bukola Saraki said falling price of crude oil is an indication that alternative sources of government revenue must be explored.
He also insisted that the era of half hazard implementation of the budget is over.
Wednesday's sitting began with a closed door session which lasted close to two hours after which the Senate President, Bukola Saraki mandated seven committees   to investigate circumstances surrounding the  killing of some Shiite sect.