Senate Fixes Oil Price Benchmark for 2015 for $52

Senate Fixes Oil Price Benchmark for 2015 Budget for $52

Strong indications have emerged that the Senate  has settled for $52 per barrel as oil price benchmark for the N4.3trillion 2015 budget estimates as against $65 per barrel finally settled for, by the executive  in December last year when the budget was submitted.

The $52 oil price benchmark,  was arrived at by the Senate during its over one hour closed door session yesterday

Competent sources at the session disclosed that the very important budget parameter was fixed to ease the work of the various senate committees in their interface with MDAs on budget Defence.
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They added that the $52 per barrel was arrived at on account of the fact that the current price of oil in the international market is between $60 to 62 now.

President Jonathan had through three different Medium Term Expenditure Framework (MTEF) and Strategy Paper documents, forwarded to the National Assembly between September and December last year, proposed $77, $73 and $65 per barrel as oil price benchmark.

Other parameters proposed in the budget as submitted by the executive, are projected  oil production of 2.2782 million barrel per day and average exchange rate of N165 to a US dollar as against the current exchange rate of  N199 to a US dollar.

Report by Evans
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