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Thu, Mar

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The Senate has passed the Medium Term Expenditure Framework (MTEF) for 2018 to 2020.  In passing the MTEF earlier today, the Senate, however, increased the benchmark price of crude proposed by the Federal Government from 45 to 47 dollars per barrel. The upper house did not, however, give reasons for the increase.

The decision was taken at the plenary on Tuesday, after consideration and adoption of the report by its Joint Committee on Finance, Appropriation and National Planning and Economic Affairs on the 2018-2020 MTEF and Fiscal Strategy Paper.

 

Also, the lawmakers approved 2.3 million barrels oil production per day, an exchange rate of 305 naira to a dollar as well as N1.69 trillion new borrowing. More details later.

 

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