Senate Raises Oil Benchmark To $28

The Senate has raised the price of crude oil benchmark from $25 to $28 as it passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government.

President Muhammadu Buhari had on Thursday last week, in a letter, urged the upper chamber to consider and approve the 2020-2022 MTEF/FSP.

The upper chamber also approved that the proposed daily oil production benchmark of 1.9 million barrel per day be reduced to 1.8mbd.

The Senate also backed the proposed exchange rate which was moved by the Federal Government from N306 to one dollar to N360 per dollar.

More details to follow…