Revised 2020 Budget: Senate Increases Crude Oil Benchmark from $25 to $28

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Nigerian Senate

By Deji Elumoye

The Senate on Tuesday increased the $25 proposed as crude oil benchmark in the revised 2020 Appropriation bill to $28.
This was sequel to the adoption of the report of the Senate committee on Finance headed by Senator Olamilekan Adeola on the 2020-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) presented at plenary.
The Senate in approving the increase as read out by President of the Senate, Ahmad Lawan, agreed with the committee that the price of crude be increased to $28 per barrel as against the $25 per barrel proposed by the Executive.
The increase, according to the upper legislative chamber, was due to the recent upward trend of the crude oil market “which as today stood at $38 per barrel with a very strong expectation that the price will rise to as $40 to $45 per barrel”.

Details later….