2018: Senate overrules Buhari, jacks up crude oil price, heads to two weeks break *Budget passes second reading

By Editor on 05/12/2017

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The Senate has passed the Medium Term Expenditure Framework (MTEF) for 2018 to 2020.

In passing the MTEF on Tuesday, the Senate, however, increased the benchmark price of crude proposed by the Federal Government from 45 to 47 dollars per barrel.

Also, the lawmakers approved 2.3 million barrels oil production per day, an exchange rate of 305 naira to a dollar as well as N1.69 trillion new borrowing.

Meanwhile, the Lawmakers at the upperchamber has passed the 2018 Appropriation Bill for second reading. The bill was referred to the Committee on Appropriations for further legislative action.

The upper chamber of the National Assembly has also adjourned plenary to December 19, 2017, to allow the standing committees to hold budget defence sessions for federal ministries, departments and agencies.


 

Posted on December, 5 2017

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