Nigeria’s upper legislative chamber, Senate, has passed the country’s 2009 appropriation bill of 3.049 trillion naira less than a month after it was presented to it by President Umaru Yar’Adua (130 naira=US$1). It was the first time in over a decade that the legislative chamber would give such an expedited approval to the budget. The approved budget, at 3.049 trillion naira, is 175 billion naira higher than the figures presented to the Senate earlier December by the President. But the Senate explained that difference was due to the increase in the benchmark exchange rate from 116 naira to 125 naira to the US$, after the recent devaluation of the local currency Sectors given priority in recurrent spending in the 2009 budget include defence, police, health and education, while works, housing and urban development top the list in capital expenditure.
