NASS approves $53 benchmark for 2015 budget

The two chambers of the National Assembly, has approved 53 dollars 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 News Agency of Nigeria (NAN) recalls that the lower chamber of the national assembly had earlier pegged the benchmark at 54 dollars while the upper chamber pegged it at 52 dollars.

Ogene said: ``But with the conference resolution now, the new benchmark is 53 dollars 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 resume plenary on March 31.