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Wednesday, 6 December 2017

Budget 2018: Senate Approves 2018-2020 MTEF, Increase Oil Benchmark To 47 Dollar Per Barrel

Nigerian Senate
Nigerian Senate

The National Assembly on Tuesday finally approved $47 per barrel oil benchmark price for the 2018 budget, even as the appropriation bill has passed Second Reading in the Senate. 

This followed the passage of the revised version of the 2018 – 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at Tuesday plenary.

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.

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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