National Assembly raises oil benchmark for 2018 budget to $47

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The National Assembly yesterday passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2018-2020, raising the oil price benchmark from $45 proposed by the executive to $47, Daily Trust reports.

The 2018 budget presented on November 7, by President Muhammadu Buhari also scaled second reading in both chambers of the Legislature yesterday. The lawmakers also announced suspension of plenary sessions till 19th December to enable them interact with heads of Ministries, Departments and Agencies (MDAs) on the implementation of the 2017 budget and the proposal for 2018.

Except for the oil price benchmark, the other critical assumptions for the MTEF proposed by the executive including daily crude oil Production of 2.3mbpd, exchange rate of N305/USD, GDP growth rate of 3.5 percent Inflation growth rate of 12.42 percent, new Borrowings of N1.699 trillion among others were approved as requested by the executive.