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.

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  • emmanuel kalu

    pure madness. the estimate has already created a budget deficit even before it was passed.

    • amador kester

      These legislators need urgent workshop on development economics and economic planning . It needs not cost much

  • bigbang

    This is not the right time to cut spending. Take the deficit for next year. Our debt to GDP ratio is still about 12 percent. We have got to use the funds wisely. Spend massively on Infrastructure that will add value to our economy. The NASS should cut their budget from 115 billion Naira to about 65 billion Naira.

  • Floyd

    And how many tons of iron ore, lead, tin, columbite etc?