BREAKING! Senate Increases 2018 Oil Price Benchmark

The Senate has passed the Medium Term Expenditure Framework (MTEF).

In passing the MTEF today, the Senate, however, increased the benchmark price of crude proposed by the Federal Government from 45 to 47 dollars per barrel.

Also, the lawmakers approved 2.3 million barrels oil production per day, an exchange rate of 305 naira to a dollar as well as N1.69 trillion new borrowing.

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