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Reps approve MTEF, conclude debate on 2018 budget


President Muhammadu Buhari

The House of Representatives yesterday adopted and passed recommendations of the 2018 Medium Term Expenditure Framework (MTEF).

The members similarly rounded off debate on the proposals of the 2018 budget. The debate entered its fourth day yesterday. 

Preparatory to its passage, the House Speaker Yakubu Dogara referred detailed considerations of the proposals to the Committee on Appropriation, all standing committees of the House and all subcommittees of the Committee on Appropriations. 

According to the speaker, they are to engage the respective Ministries, Departments and Agencies of government to determine the exact allocations that would be earmarked for expenditures next year. 

At the consideration of the MTEF document by the Committee of Supply, members adopted most proposals therein, as forwarded to the National Assembly by the presidency. 

They however jerked up per barrel oil benchmark for next year’s budget to $47, from the $45 proposed by the executive. 

House Chairman on Committee of Finance, Babangida Ibrahim said the increase followed “consideration of the current positive outlook in the global oil market and expectation that Organisation of Petroleum Exporting Countries (OPEC) and other allied oil partnership countries will sustain oil production “cuts deep “ into 2018.”

Meanwhile, Senate yesterday also approved $47 per barrel oil benchmark price for the 2018 budget as the ation bill passed second reading.

This endorsement followed the passage of the revised version of the 2018 – 2020 MTEF.

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