FRC: Budget Passage by N’Assembly Relief for Nigeria

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The acting Chairman, Fiscal Responsibility Commission (FRC), Mr. Victor Muruako, has said that the passage of the 2018 Appropriation Bill by the National Assembly is a relief to the nation.

Muruako said this while speaking to the News Agency of Nigeria (NAN) on Thursday in Abuja, in reaction to the recent passage of the budget.

He said it would also bring hope to the populace and boost the economy.

He also said the crude oil benchmark which was increased from $45 to $51 per barrel was the right thing to do, considering the current rice of crude oil globally.

“The crude oil price benchmark is very realistic because if you look at the current crude oil price you will see that $51 is fair enough, because the essence of these things is not to have an unrealistic estimate.

“Presently, crude is going for $78 to $80 per barrel and I think $51 is even conservative but it is better to be on the safe side. So for me, it is a commendable effort,” Muruako said.

He also said the increase in the budget estimate by the National Assembly by N508 billion was in the interest of the country.

Muruako added that the legislative arm had been working very closely with the executive to ensure that things are done properly.

The National Assembly on Wednesday passed the 2018 Appropriation Bill of N9.12 trillion from the N8.61 trillion proposed by President Muhammadu Buhari in November 2017.

The budget expenditure was premised on oil price benchmark of $51 per barrel as against $45 proposed by the president.

Crude oil production was bench-marked at 2.3 million barrels per day and exchange rate of N305 to one dollar.

NAN reported that economic analysts have, over the months, expected the budget to be passed by the National Assembly, citing grave consequences the delay could cause for the economy and the nation at large. (NAN)