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2020 revised Budget : Senate jerks up oil price benchmark to $28


Senate on Tuesday jerked up the oil price benchmark to $28 against $25 per barrel oil price benchmark proposed by the executive in the revised Medium Term Expenditure Framework ( MTEF) and Fiscal Strategy Paper ( FSP) .

In addition, Lawmakers also slashed from 1.9million barrel per day to 1.8million barrel per day , oil production proposed by the executive in the MTEF/FSP documents.

These decisions were taken sequel to consideration and adoption of report of its committee on Finance , mandated to work on the revised MTEF/FSP documents by the executive .

However other critical parameters like exchange rate of N360 to a US dollar , 14 .43 inflation growth rate , 4.42 GDP growth rate were retained .

The Senate retained N5.09 Trillion FGN’s revenue , N10 .51 trillion proposed expenditure , N4.95 Trillion fiscal deficit , N4.17 Trillion new borrowings ( including Foreign and domestic Borrowing;.

Others retained are N398.5 Billion as Statutory transfers , N2.68 Trillion for debt serving , N272.9 Billion as sinking fund , N536.7 Billion for Pension and gratuities, .

Senate also concurred with executive on the Critical components of the proposal as presented by the executive with adoption of
N10.51 Trillion as total expenditure ,
N4.93 Trillion as total recurrent,
N2.83 Trillion for personnel cost and
N2.23 Trillion for capital expenditure .

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