The Senate on Tuesday increased the oil benchmark for the 2018 Appropriation Bill to $47 per barrel from the $45 proposed by President Muhammadu Buhari.

The Upper Legislative chamber also passed the Medium Expenditure Frame Work (MTEF).

The Senate took the decision after the consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.