Pegs oil benchmark at $28pb
The Senate yesterday approved the first component of the federal government‘s external borrowing plan of $5.513 billion, saying it was expedient to do so in the face of the COVID-19 pandemic and its effects on the economy. The lawmakers also jacked up the oil price benchmark from $25 to $28 per barrel to reflect the prevailing crude oil prices in the international market.
The resolution of the Senate followed the consideration and adoption of a report by its Committee on Local and Foreign Debts chaired by Senator Clifford Ordia (PDP, Edo) at plenary.
The lawmakers noted that the loan was in the immediate best interest of Nigeria and its citizens in dealing with the COVID-19 pandemic in a way that the economy will be positioned for quick recovery.
The approved component of $5,513,000,000 is to finance the proposed revised 2020 budget deficit while the remaining two components were stood down for lack of details and clarity.
The pending loan requests…
Source: Leadership Newspaper
