Senate Increases Oil Price Benchmark In 2018 Budget To $47, Passes MTEF

SAN FRANCISCO, December 05, (THEWILL) – The upper chamber of the National Assembly has raised the oil benchmark for the 2018 budget from the $45 per barrel proposed by the Federal Government to $47.

The Senate took the decision at the plenary on Tuesday as it passed the 2018-2020 Medium-Term Expenditure Framework, (MTEF).

This followed the consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the METF Strategy Paper.

The Senate equally approved an exchange rate of 305 naira to a dollar even as it approved 2.3 million barrels of oil production per day.

The Senate also approved the sum of N5.279 trillion for non-oil revenue in 2018 and N1.6999 trillion from new borrowing for 2018.

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