Fidelity bank banner Bayelsa State banner
Reps vow to review 2016 Budget’s oil benchmark

By News Express on 04/02/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,021


The House of Representatives in Nigeria says the National Assembly will certainly review the crude oil benchmark price for the 2016 budget.

The possibility of the review was made known to Channels Television on Wednesday by the Chairman of the House of Representatives Committee on Appropriation, Abdulmumin Jibrin.

Nigeria’s 2016 budget had been submitted to the National Assembly in December by the President, with a benchmark of $38 less than the current crude oil price.

This price per barrel has triggered comments about how realistic the budget proposal of 6.07 trillion Naira, with 2.22 trillion Naira deficit and a crude oil benchmark of $38 was.

But on Monday, the Minister of Budget and National Planning in Nigeria, Senator Udo Udoma, tried to allay Nigerians fears, assuring them that the falling crude oil price would not affect the nation’s 2016 budget submitted with the oil benchmark of $38 per barrel.

Senator Udoma spoke at a meeting with members of the National Assembly Committee on Budget and Planning.

He told the lawmakers that there was a plan to cushion all shortfalls that may arise as a result of the drop in oil prices.

According to him, part of the plans would include concession of airports and re-introduction of toll gates on the nation’s highways.

To address Nigerians concerns, however, the National Assembly is considering the review of the benchmark.

Mr Jibrin said that the new benchmark that would be arrived at would be a practical figure.

The Chairman is also encouraging the executive to fully implement the Integrated Personnel Payroll System as a means of reducing the recurrent part of the country’s budget.

Nigeria relies largely on crude oil sales for its revenue, a situation that the Senate President had also warned against.

Senator Bukola Saraki said on Tuesday that focus must be shifted away from crude oil dependency to non-oil sectors for the government to be able to raise funds that would cater for the budget. (Channels TV)

•Photo shows the House of Reps in session.

Source News Express

Posted 04/02/2016 05:25:07 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Obi tasks Church to use New Media to...

Eto’o happy he didn’t join Arsenal

FG releases N1.3bn earned allowances for UNN lecturers...

Arrest spread of eye diseases, Uduaghan tells optometrists...

U.S. considers lifting arms ban on Nigeria

1,000 Imo militants give up arms, granted amnesty...

Nigeria embraces preventive disaster management

Strike: Varsity students plan indefinite protest as ultimatum...

Why we arrested Abuja blogger: EFCC

Ambassador storms Airtel Rising Stars African U-17 Tournament...

Rains likely today in Abuja, Lafia, Port Harcourt,...

Group urges Boko Haram and sponsors to surrender;...

 

Latest News Umeh threatens to expose Okorocha Heads to roll as panel submits report on alleged NSITF N6.2b fraud Archbishop of Canterbury (Buhari’s ally) laments attacks on Nigerian Christians, Anglican Archbishop Amaechi seeks public opinion on performance, speaks of desire to serve Nigerians better Niger Delta leaders reject PIGB, insist on PIB Senate approves Buhari’s N348bn subsidy fund Governors meet over FAAC deadlock, minimum wage Pay us off for new carrier to succeed - Ex-Airways chief FG must domesticate Stockholm Convention, Rome statute on Environment to attract foreign direct investment — Dogara Benue APC publicity secretary quits, accuses party of neglect HIV: Nigeria accounts for half of new infections in West Africa – UN EU slams Google with $5b fine

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (362,547 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (358,668 views) Shameless Genevieve Nnaji exposes breasts in public (287,077 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,519 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,827 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,681 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,710 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,645 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,380 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,894 views) Lagos plane crash: Journalist releases victims’ names (147,746 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,962 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,355) Business Verdict (45) Columnists (888) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (285) International (2,141) Interview (157) Live Commentary (28) Love Matters (127) News (37,258) Opinion (1,024) Pidgin (10) Politics (5,608) Religion (785) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

FRANCE vs CROATIA 4-2 Highlights & Goals 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement