NLNG Corporate Teamwork banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

Senate passes 2018-2020 budget framework, raises oil price estimate

By Mayowa Okekale, Abuja on 05/12/2017

Gmail icon

Views: 780

•The Senate during plenary
•The Senate during plenary

The Senate has passed the long-awaited 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).

The Upper Chamber in the MTEF documents passed raised the oil benchmark for the 2018 budget from the $45 per barrel as proposed by the Federal Government to $47 ‎while daily production was put at 2.3 million barrel per day, with exchange rate pegged at N305 to $1‎

The Senate took the decision at Tuesday’s sitting after consideration and adoption of the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.‎

‎The lawmakers also approved N5.279 trillion for non revenue oil in 2018, N1.6999 trillion for new borrowing for 2018.

In a related development, Senate passed for second reading the 2018 budget which was presented to a joint session of the National Assembly by President Buhari, was referred to the Appropriation committee and other sub-committees.

‎The upper legislative chamber, which started debate on the budget earlier last week, passed the budget during the Tuesday’s plenary session. ‎

‎President of the Senate, Bukola Saraki, who presided over the plenary, referred the budget to the Senate Committee on Appropriation and sub-committees for further engagement with various MDAs to report in two weeks.

Saraki charged the legislators to objectively review the plan expenditures and review the revenues in line with the main objectives of the budget. ‎

‎Saraki assured that not even a single minute would be wasted on side of the National Assembly in the course of getting the budget approved. ‎

The upper chamber of the National Assembly has also adjourned plenary to December 19, 2017, to allow the standing committees to hold budget defence sessions for federal ministries, departments and agencies.‎‎‎

‎The total size of the budget is estimated at N8.612 trillion.

Source News Express

Posted 05/12/2017 10:00:24 PM

 

 

CLASSIFIED ADS

 

You may also like...
Osinbajo, Dogara, CJN, others bid Ocholis farewell •Dignitaries...

2019 Budget, Minimum Wage Bill top priorities as...

Hunter shot by dog loses leg

Jime charges ABU students: Do not throw away...

Etisalat redefines value with EasyFlex Evolution package

Let’s reclaim Naija, na we get am!

NiMet predicts nationwide rains on Friday

FG develops framework to mobilise revenue from non-oil...

Court moves to stop Justice Tanko’s appointment as...

Don lauds President Jonathan’s infrastructure development, says it’s...

WAEC Headquarters in Ghana said has no record...

Fayemi’s wife provides lifeline for 110-year-old woman

 

Latest News Panic as lion escapes from Kano zoo Kidnappers seize Area Commander, demand N50m ransom Impeachment: Suspense in Kogi as judges avoid swearing in of new Deputy Governor How we were sexually abused in illegal Kaduna rehab centre — Victim SERAP demands probe of Senate, MDAs over employment slots scandal Nigeria’s oldest ex-prisoner dies 134 days after release Government summons fuel marketers over oil spillages on roads Alleged N259m Debt: Firm moves to wind up Aiteo Onitsha Inferno: I’m shocked that people paid to do a job abandoned it — Ohanaeze President-General •Ifeanyi Ubah raises traders’ hope Top Senate Republican Sees Trump’s impeachment trial as inevitable We are hungry, Nigerians cry out •Fault Agriculture Minister Unity school teachers lament hardship over salary arrears

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (551,983 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,775 views) Shameless Genevieve Nnaji exposes breasts in public (395,424 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,048 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,358 views) 10 cars more expensive than Jets (265,721 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,308 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,665 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,175 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,308 views) Lagos plane crash: Journalist releases victims’ names (198,788 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,959 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,500) Business Verdict (85) Columnists (1,131) Complaints & Requests (96) Enterprise & Opportunities (218) Entertainment (692) Features (835) Global Business Monitor (468) ICT Monitor (66) International (4,096) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (452) News (52,869) Opinion (1,399) Pidgin (17) Politics (11,589) Religion (1,112) Sports (2,197) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera