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Senate raises oil benchmark to $47 for 2018 Budget

Oil benchmark for Nigeria’s 2018 budget has been raised by the Senate to $47 from the $45 per barrel proposed by the Federal Government.

The Senate at the plenary on Tuesday, did this while passing the 2018-2020 Medium-Term Expenditure Framework, (MTEF).

Indeed, the decision followed the adoption of the report of the Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the METF Strategy Paper by the Senate.

Also, the Senate fixed the exchange rate of 305 naira to a dollar and approved 2.3 million barrels of oil production per day.

The Senate equally approved N5.279 trillion for non-oil revenue in 2018 and N1.6999 trillion from new borrowing for 2018.