Senate passes 2020-2022 Medium Term Expenditure Framework/FSP

*Oil benchmark upped to $28pb

* Reduces crude oil production from 1.9m bpd to 1.8m barrel per day

Alexander Davis | ConsumerConnect

The Nigerian Senate Tuesday, June 2 passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government.

It recalled that President Muhammadu Buhari Thursday, May 28 in a letter had urged the Upper Legislative Chamber in the National Assembly (NASS) to consider and approve the 2020-2022 MTEF/FSP.

It was learnt that prior to the approval, the Senate had considered and ratified the recommendation of the Senator Solomon Adeola-led Senate Committee on Finance that the price of crude oil put at $25 per barrel by the Federal Government, be jacked up to $28 per barrel.

The Red Chamber also approved that the proposed daily oil production benchmark of 1.9 million barrel per day (bpd) be reduced to 1.8mbpd.

Senators as well backed the proposed exchange rate which was moved by the Federal Government from N306 a Dollar to N360 per Dollar.

By implication, this development invariably indicates that the Senate has backed the devaluation of the Naira, the nation’s currency.

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