L
LequteMan
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The senate could propose a cut in the national oil benchmark when it resumes plenary today, the Punch reports:
Strong indications emerged on Monday that the Senate would propose that the oil benchmark for the 2015 budget be reduced to $40 per barrel in line with the reality of falling crude prices in the international market.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had presented a national budget size of N4.357tn based on a projected oil production figure of 2.2 million barrels per day and a benchmark price of $65 per barrel.
However, few days after the document was submitted to both chambers of the National Assembly, there was a drastic fall in crude oil prices in the international market, which many commentators said had made the adoption of the $65 unrealistic.
Some senators, who spoke with our correspondent in Abuja on Monday, said notwithstanding the fall in crude oil prices, the upper legislative chamber would still proceed with the discussion on the Medium Term Expenditure Framework and Fiscal Strategy Paper by determining a realistic benchmark oil price.
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#Nigeria #Senate #Oil
Strong indications emerged on Monday that the Senate would propose that the oil benchmark for the 2015 budget be reduced to $40 per barrel in line with the reality of falling crude prices in the international market.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had presented a national budget size of N4.357tn based on a projected oil production figure of 2.2 million barrels per day and a benchmark price of $65 per barrel.
However, few days after the document was submitted to both chambers of the National Assembly, there was a drastic fall in crude oil prices in the international market, which many commentators said had made the adoption of the $65 unrealistic.
Some senators, who spoke with our correspondent in Abuja on Monday, said notwithstanding the fall in crude oil prices, the upper legislative chamber would still proceed with the discussion on the Medium Term Expenditure Framework and Fiscal Strategy Paper by determining a realistic benchmark oil price.
click here to read more
#Nigeria #Senate #Oil
