The House of Representatives has approved the review of the parameters for the 2020\/2022 Medium Term Expenditure Framework and Fiscal Strategy Paper. The House differed with the recommendation of the executive on the oil benchmark of $25 per barrel by increasing it to $28 per barrel. The other recommendation is the scrapping of the excess
The House of Representatives has approved the review of the parameters for the 2020/2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The approval followed the consideration of the report submitted by the House Committee on Finance and the House committee on supply. “The Excess Crude Account has no backing of the law. The Committee, therefore, recommends that the account be scrapped with immediate effect and comply with sections 80 and 81 of the 1999 Constitution of the Federal Republic of Nigeria.
The National Assembly approved N10,594,362,364,830 as the budget for 2020, however, the outbreak of COVID19 has led to a decline in the price of crude oil, the initial oil benchmark was $57 per barrel.
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