The Senate has passed the 2014 Appropriation Bill of four point six nine five trillion naira.
The approved budget is fifty three billion more than the estimate presented by the executive to the National Assembly, NASS.
The Senate approved the budget after considering the reports of the Ahmad Maccido-led committee on Appropriation and the Ahmed Makarfi-led committee on Finance.
The budget, tagged, Budget of Fiscal Consolidation and Inclusive Growth, was based on a benchmark of 77 Dollars per barrel of crude and oil production of 2.39 million barrels per day.
The highlights of the approved budget are statutory transfer, 408.6 billion naira; debt service, 712 billion naira; recurrent expenditure, 2.4 trillion naira, and capital expenditure, 1.1 trillion naira.
Senate President, David Mark, who presided over plenary, commended the committees for a job well done, adding that it was a tedious job.
Senator Mark appealed to the executive to follow in the footsteps of the legislature and ensure optimal implementation of the budget.
The highest sectorial allocation in the budget is Education with 424.3 billion naira, while Defence follows with an allocation of N349.7 billion.
The 2013 budget was 4.987 trillion naira, a sum that is 308 billion naira more than the current budget
President Goodluck Jonathan on December nineteen, 2013, through the Coordinating Minister of the Economy and Minister of Finance, Mrs. Ngozi Okonjo-Iweala, presented a budget of 4.642 trillion naira to the National Assembly.