The National Assembly (NASS) has cleared the way for the presentation of the 2020 budget by President Buhari by approving the 2022 Medium Term Expenditure Framework, MTEF, and Fiscal Strategy Paper, FSP submitted last week.
The NASS has approved the recommendation in two separate documents from various chambers and also marked up the value of the country’s 2020 budget outline by difference of N729Bn (from N10.002Bn-N10.7294Bn).
The lawmakers also have adopted $57 as the benchmark price for a barrel of oil in the international market while the price is equally being threatened as it continues lower.
Also, N305/$1 has been adopted for the official exchange rate and approved the crude production of 2.18 million per day benchmark which is roughly lower than the current production in the country, even though OPEC had capped the target on crude oil production at 1.685million bpd.
However, the legislature said that the adoption of 2.18 million barrels as daily production output in 2020 was in anticipation of the increase in production by combating the menaces of oil theft and vandalisation through the joint efforts of the Nigerian National Petroleum Corporation (NNPC) and other security agencies.
