- Raises oil benchmark to $28
- Reduces crude oil production from 1.9mbd to 1.8mbd
- Backs devaluation of the Naira
The Senate on Tuesday passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government.
President Muhammadu Buhari had on Thursday last week, in a letter, urged the upper chamber to consider and approve the 2020-2022 MTEF/FSP.
The Senate considered and approved the recommendation of the Senator Solomon Adeola-led Senate Committee on Finance that the price of crude oil put at $25 per barrel by the Federal Government, be increased to $28 per barrel.
The upper chamber also approved that the proposed daily oil production benchmark of 1.9 million barrel per day be reduced to 1.8mbd.
The Senate also backed the proposed exchange rate which was moved by the Federal Government from N306 to one dollar to N360 per dollar.
This development invariably shows that the Senate has thrown its weight behind the devaluation of the Naira.
