•Reduces production to 1.8mbd
•Okays FG’s $5.53bn external loan request
Deji Elumoye and Adedayo Akinwale in Abuja
The National Assembly yesterday increased the oil price benchmark to $28 per barrel from the $25 proposed by the executive in the revised Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) forwarded to the lawmakers for approval.
The two chambers also reduced from 1.9 million to 1.8 million barrel per day oil production target proposed by the executive in the MTEF/FSP documents.
In addition, the lawmakers approved the $5.513 billion external loan request of the executive to fund the budget deficit.
Preparatory to the approvals at plenary yesterday in Abuja, the Senate had considered and adopted a report of Senator Olamilekan Adeola-led Committee on Finance that worked on the revised MTEF/FSP documents.
Other critical parameters like the exchange rate of N360 to $1; 14.43 inflation rate; 4.42 GDP growth…
Source: Thisday Newspaper
