Senate raises oil benchmark to $47 per barrel

The senate has increased the crude oil benchmark from $45 per barrel as presented by President Muhammadu Buhari to $47 for the 2018 budget.

The senate approved $47 per barrel oil benchmark after it considered a report by its joint committees on finance, appropriation and national planning and economic affairs.

The lawmakers also reduced non-oil projection to N5.279 trillion from N5.597 trillion.

The senators maintained N305 to a dollar as proposed for 2018 budget. They also maintained 2.3 million barrels per day as proposed by the executive for the budget.

“The joint committee recommends the adoption of 1.699trillion for new borrowing for 2018,” the report presented by Yahaya Abdullahi, senator representing Kebbi north.

“Relevant committees of the national assembly should constantly and closely oversights the MDAs on the implementation of these programs to ensure effective widespread of the efficient.

“The national assembly to amend the relevant sections of the fiscal responsibility act and other laws. The joint committee recommends the adoption of 3.5% growth rate.

“The joint committee recommends that the national assembly insert in the 2018 appropriation act, a clause which makes it mandatory for the executive to refer to the national assembly for any expenditure in excess of the benchmark (that is, price and production).”