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2015 budget: Reps adopt $54 benchmark

Published by The Nation on Fri, 06 Mar 2015


The House of Representatives adopted $54 oil benchmark against $65 proposed by the Executive in the Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper for 2015.The House also adopted N198 to a dollar as official exchange rate, 2.278,2mbpd oil production estimate for the 2015 fiscal year.Some of the wide ranging changes made by the House to the executives proposal include scraping the N360.94bn Service Wide Votes.The resolution was passed after the adoption of the recommendations in the 2015-2017 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) report considered during the Committee of Whole.This was sequel to the submission in the report of the joint committees on Finance, Appropriations, Aids, loans $ debt management and Legislative Budget and Research presented to the House by the Chairman, House committee on Finance, Abdulmunin Jibrin yesterday.Opeyemi Bamidele, chairman, House Committee on Legislative Budget and Research in his presentation urged the House not to be boxed to the corner nor blackmailed in passing the budgetHe also warned against job cuts during the year, despite the dwindling oil revenue.The post 2015 budget: Reps adopt $54 benchmark appeared first on The Nation.]]>
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