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House of Assembly seeks to inflate budget oil price

By on October 10, 2012

Nigeria’s parliament speaker Aminu Tambuwal said on Wednesday the house had proposed to inflate cabinet’s oil price assumption in the 2013 budget to $80 barrel, from $75 a barrel proposed, signalling a likely showdown over the bill.

Money earned from oil over the benchmark price is deposited into a savings account, so any increase in that price could reduce savings and make Nigeria less resistant to oil price shocks. Nigeria’s Finance Minister Ngozi Okonjo-Iweala is on an austerity drive and wants the country to save more.

President Goodluck Jonathan delivered the 2013 budget on Wednesday.

Source: Reuters

One Comment

  1. Anthony

    October 11, 2012 at 7:37 pm

    “The benchmark for Algeria is $37; Venezuela, $50; Qatar, $55; Kuwait, $60; Saudi Arabia, $60; Oman, $75; and Angola, $77. What government is proposing is within the ambit of what other countries are proposing. We don’t see any country with $80 benchmark.”
    This shows that most of our lawmakers are not close to the reality of serving the masses. It’s all about what they and their state Governors will get.
    I wonder how many of them (Lawmakers) look at the daily, monthly and yearly price of crude oil and the uncertainty in the crude oil trade with respect to the global economy.
    Weldone Madam…..Continue to teach our selfish lawmakers. …….