NASS approves $53 benchmark for 2015 budget

The two chambers of the National Assembly, has approved $53 as benchmark for the sale of crude oil for the 2015 budget and the 2015 – 2017 Medium Term Expenditure Framework.
Rep. Victor Ogene, Deputy Chairman, House of Representatives Committee on Media and Public Affairs, made the disclosure on Thursday in Abuja in an interview with newsmen.
He said that a resolution by the conference committee of legislators from both chambers of the National Assembly also adopted an exchange rate of N190 to one dollar.
The lower chamber of the National Assembly had earlier pegged the benchmark at $54 while the upper chamber pegged it at $52.
Ogene said: “But with the conference resolution now, the new benchmark is $53 and that alters a whole lot of calculations. The appropriation committees of both houses will meet with the Minister of Finance and all the relevant agencies for the appropriate adjustment to be made. That accounts for why the budget was not passed today.’’
The deputy chairman said that all issues pertaining to the new benchmark would be resolved when House resumes plenary on March 31.