Senate Passes MTEF/Exchange Rate

 Senate Passes MTEF/Exchange Rate

The Senate has approved the adoption of N305/US Dollar exchange rate as proposed by the Executive for the 2017 budget, and okayed $44.5 per barrel as oil benchmark price for 2017 budget as against the $42.50 per barrel as requested by the Executive, adding that the Central Bank of Nigeria, CBN should as a matter of urgency, initiate measures that will close the gap between the parallel market and the official exchange rate.
outside the increase of price of oil benchmark from $42.50 per barrel as requested by the Executive, $44.5 per barrel oil benchmark price for 2017 budget, all other projections by the Executive were retained by the Senate.

In approving both the domestic and foreign borrowing, the Senate insisted that they should be on project-tied basis and that in borrowing more, government must remain focused and ensure it was used to fund critical projects that will increase productivity and also contribute to financing such debt.


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