Senate passes MTEF, retains $38 per barrel oil benchmark
The Senate on Wednesday approved the 2016, 2017, 2018 Medium Term and Expenditure Framework (MTEF) submitted to the National Assembly by President Muhammadu Buhari last week.
In approving the MTEF, the Senate endorsed the $38 per barrel oil benchmark as proposed by the executive. It also approved the exchange rate of N197 to $1 as proposed in the MTEF.
The upper chamber also urged the federal government to open a single salary account for its employees to reduce personnel cost.
The approval of the benchmark by Senate as proposed has created doubts regarding the practicability of the budget in view of the further slump of the global price of crude oil to $36 per barrel on Monday from the $40 per barrel rate when the document was approved.
The Senate also approved the projection of 2.2000 daily oil production volume in 2016 as proposed by the executive. It also approved the N5.720 billion non-oil revenue projection for 2016 fiscal year.
The approval was sequel to the report of the Joint Senate Committee on Finance and National Planning presented by its Chairman, Senator John Eno.