Senate passes medium term expenditure framework 2020

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The Senate has passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper of the Federal Government.

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 twenty dollars 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 1.9m barrel per day be reduced to 1.8m barrel per day.

 

 

The Senate also backed the proposed exchange rate which was moved by the Federal Government from 306 to $1 to N360 per dollar.

 

President Muhammadu Buhari had on last week, in a letter, urged the upper chamber to consider and approve the 2020-2022 medium term framework.

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