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MTEF: Reps Throw Out FG’s $75/barrel Proposal, Recommend $82

By on October 3, 2012

Crude Oil Barrels

The lawmakers in the House of Representatives saddles with the responsibility of reviewing the 2013-2015 Medium Term Expenditure Framework document have recommended that the  oil price benchmark be reviewed upwards to $82 as against the Federal Government’s proposed $75.

The lawmakers who form the Joint House Committee on Finance, Legislative Budget and Research, National Planning and Economic Development said the fears of the government of volatility in the oil market as well as general macroeconomic instability was unfounded.

The increase recommended by the lawmakers will increase projected government revenue in 2013 from N7.3 trillion to N7.9 trillion.

The committee also recommended a reduction in the 2013 budget deficit from N1.3 trillion to N791.26 billion, and proposed that domestic borrowing be reduced by over 50%, from N727.19 billion to N381.25 billion.