×

Senate, Reps Still In Disagreement Over Crude Oil Benchmark

The conference committee of the Nigerian Senate and House of Representatives working on the Medium Term Expenditure Framework (MTEF), has failed to resolve the deadlock … Continue reading Senate, Reps Still In Disagreement Over Crude Oil Benchmark


The conference committee of the Nigerian Senate and House of Representatives working on the Medium Term Expenditure Framework (MTEF), has failed to resolve the deadlock over the crude oil benchmark for the 2014 budget.

Federal lawmakers from both houses could not agree on a uniform benchmark as each side stuck to its position.

The Senate had proposed an oil benchmark of 76.5 dollars per barrel while the House of Representatives proposed a benchmark of 70 dollars per barrel.

The discrepancies in the oil benchmark forced President Goodluck Jonathan to postpone the planned presentation of the budget on November 12 pending the resolution of the price differences by both houses.

With the Failure of both legislative chambers to agree on a uniform benchmark, it is becoming apparent that the 2014 budget would not be presented this year.