Senate Passes MTEF, Increases Oil Price Benchmark

The Nigerian Senate has, Tuesday, passed the 2018-2020 Medium-Term Expenditure Framework, MTEF, increasing the oil price benchmark proposed by the Federal Government from 45 to 47 dollars per barrel.

The Senate equally approved an exchange rate of 305 naira to a dollar even as it approved 2.3 million barrels of oil production per day.
The Senate also approved the following:
1. N2.3 million barrel per day;
2. $47 barrel per day as benchmark price of 2018;
3. N305 to $1;
4. N5.279 trillion for non revenue oil in 2018;
5. N1.6999 trillion for new borrowing for 2018;
6. 3.5% growth rate