N-Assembly may slash $38 oil benchmark for budget

The Chairman, Senate Committee on Media and Public Affairs, Senator Saabi Abdullahi, has indicated that the National Assembly is likely to reduce the crude oil benchmark price of $38 per barrel proposed by the executive for the 2016 budget, The Punch reports.

The price of oil in the international market as of Thursday was slightly below $33 per barrel, leaving a deficit of $5 per barrel from the $38 in the budget estimates.

Abdullahi told journalists in his office that both chambers of the National Assembly were being realistic in coming up with the decision to cut the benchmark price going by the alarming rate at which the oil price was falling daily on the international market.

No Comments Yet.

Leave a comment