Fidelity bank card banner Camano banner
Senate passes 2018-2020 budget framework, raises oil price estimate

By Mayowa Okekale, Abuja on 05/12/2017

Views: 731

•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





You may also like...
Man United survive Crystal Palace scare, move closer...

SUCCESS FACTOR: Are you a purpose-driven person?

Research, adequate funding, key to development of African...

Pa Tunji Gomez: Nigeria has lost a colossus,...

Govs, FG set for collision over LG allocation...

Edo girl sold for N850,000 recovered by Nigeria...

858 immigrants accidentally given American citizenship

$10bn fraud: NLC blasts MTN, demands refund to...

The Aminu Masari and Dahiru Mangal political coup...

Today’s weather to feature rain, thunderstorms, clouds and...

Why Boko Haram terrorists are back with a...



Latest News HAPPENING NOW: Many trapped as three-storey building collapses in Jos IPOB blasts Tinubu, calls him a disgrace to noble Yoruba ancestry NIPOST Board moves to avert strike, summons emergency meeting of Union, Postmaster-General Umahi swears-in new Ebonyi Chief Judge 5 repentant kidnappers surrender to police How I slept with my brother-in-law in error – Housewife Atiku, PDP play 'rigging' videos in court Siasia opens up on mother’s kidnap COZA saga: Outrage as CAN sides with Fatoyinbo over rape allegations Police parade 13 suspected kidnappers of Buhari’s district head Cultists gun down final year varsity student in Cross River Notorious kidnapper arrested in Abia


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (506,913 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (430,610 views) Shameless Genevieve Nnaji exposes breasts in public (372,184 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,120 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (281,407 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (246,750 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (238,249 views) 10 cars more expensive than Jets (221,646 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (220,400 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,105 views) Lagos plane crash: Journalist releases victims’ names (187,786 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,486 views)


NNPC 2019 National Science Quiz Competition

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (96) Business & Economy (4,351) Business Verdict (76) Columnists (1,070) Complaints & Requests (95) Enterprise & Opportunities (210) Entertainment (634) Features (776) Global Business Monitor (394) ICT Monitor (53) International (3,709) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (334) News (48,643) Opinion (1,288) Pidgin (17) Politics (11,151) Religion (1,048) Sports (2,094) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera