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House insists on increase of oil benchmark to $80

Channels Television  
Updated October 10, 2012

The House of Representatives has put aside the recommendation of the executive for a crude oil price benchmark of 75 dollars per barrel, insisting on a $80 benchmark.

The house unanimously approved the recommendation of its joint committee set up to look into the 2013-2015 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The chairman of the committee on finance said the executive had painted a gloomy picture as its justification for its conservative position without giving a balanced view of the issues.

The lawmakers also approved the recommendations that the deficit of the proposed budget and internal borrowing be reduced, while retaining the N160 per dollar exchange rate.