Categories: Business

National Assembly Increases Crude Oil Benchmark Price

A file photo of the National Assembly complex in Abuja. PHOTO: Sodiq Adelakun/Channels TV

 

 

The National Assembly has reviewed the benchmark price of crude oil in the amended Medium-Term Expenditure Framework (MTEF).

At separate plenaries in the Senate and House of Assembly chambers on Tuesday in Abuja, the lawmakers increased the price from the proposed $25 to $28.

Senators in the Upper Chamber took the decision in line with the recommendations in the report of the Senate Committee on Finance.

They explained that increasing the benchmark price became necessary because of the upward trend in the price of crude oil in the international market.

The Senate, however, retained the exchange rate of N360 to a dollar proposed by the executive arm of government.

Similarly, lawmakers in the lower chamber considered the report of the House Committee on Finance on the revised MTEF.

In line with the recommendations of the committee, the lawmakers increased the crude oil benchmark price.

They also proposed an oil production output of 1.8 million barrels per day, as against the 1.9 million barrels per day as submitted by President Muhammadu Buhari.

The House, therefore, called on the government to immediately scrap the Excess Crude Account (ECA).

According to them, the ECA has no backing of the law and should be scrapped in accordance with Sections 80 and 81 of the Constitution.

Akinola Ajibola

Disqus Comments Loading...
Share
Published by
Akinola Ajibola

Recent Posts

South Africa’s Electoral Umpire Bars Ex-President Zuma From May Election

Zuma was sentenced to 15 months in jail in June 2021 after refusing to testify…

11 mins ago

Fallen Crypto Tycoon Bankman-Fried Gets 25-Year Sentence

Although lower than the 40-50 years sought by the government, the Justice Department praised the…

35 mins ago

Police Hand Over Delta King, Ikolo To Military

The development has been confirmed by the Public Relations Officer, Delta State Police Command. Bright…

1 hour ago

Israeli Strike Kills 36 Syrian Soldiers Near Aleppo – War Monitor

The strikes have increased since Israel's war with the Palestinian militant group Hamas, a Hezbollah…

1 hour ago

Good Friday: Obaseki Tasks Christians On Sacrifice, Tolerance

He noted, “I celebrate with our Christian brothers and sisters as we mark Good Friday,…

1 hour ago

Governor Otu Felicitates Tinubu At 72

Wishing the president god's protection, good health and long life, the governor said: "I want…

2 hours ago