The budget presented by the President was raised by additional N500 billion, from N8.6 trillion to N9.1 trillion.
They also increased oil benchmark from $45 to $51 per barrel.
President Muhammadu Buhari had presented the 2018 appropriation bill to a joint seating of the National Assembly in November 2017.
Chairman of the Senate committee on appropriation, Danjuma Goje, presented the budget to the upper legislative chamber at plenary on Tuesday, May 15, 2018.
It will be recalled that at a meeting between the President and leaders of the National Assembly Senate President Dr. Bukola Saraki and House Speaker Rt.Hon Yakubu Dogara, there was assurance that the budget will be passed this week.
The National Assembly and the Executive had since engaged each other in a blame game over the delay in passing the budget.
He said the surplus fund was spread on some "critical sectors" in consultation with the executive.
He added the the increment would allow for a N50.88 billion deficit reduction.
According to the report, N42.72 billion will be spent on security, N106.50 billion for the Ministry of Power, Works and Housing, N15.7 billion is earmarked for Education, N10 billion for Judiciary while N44.20 billion for Niger Delta Development Commission (NDDC). "Millions of Nigerians will enjoy free health services across the country", he said.
He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.
Trend analysis reveals that the National Assembly often increases the budget estimates given by the executive.
But going by the increase, the budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.