Senate raises 2018 oil benchmark to $47 per barrel

Nigerian Senate

The Senate has raised the oil benchmark for the 2018 budget from the $45 per barrel as proposed by the Federal Government to $47.

The Senate took the decision at the plenary on Tuesday, after the consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The lawmakers, however, approved other key assumptions for the 2018 budget as proposed by the Executive.
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