The National Assembly is considering $50 crude Oil Benchmark in the 2018 budget against the $47 benchmark adopted in the Medium Term Expenditure Framework (MTEF), BusinessDay reports.
The development was part of ongoing discussions between the leadership of both the Senate and House of Representatives and the Executive, as part of efforts aimed at boosting projected revenue and reducing the fiscal deficit pegged at N2.005 trillion and borrowing estimated at N1.699 trillion. Ibrahim Babangida, chairman, House Committee on Finance who spoke with Legislative Correspondents on Thursday, expressed optimism that the budget will be laid next week Tuesday.
In the bid to solve a myriad of challenges on the current budgeting system, Babangida also noted that the House and indeed the National Assembly is working on the holistic overhaul of the Fiscal Responsibility Act. He also explained that the delay in the laying and passage of the 2018 budget became necessary in order to address certain emerging issues.
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