In passing the 2018-2020 Medium Term Expenditure Framework (MTEF), the Senate and House of Representatives have increased the price for the crude oil benchmark from $45 per barrel to $47.
This is in the wake of the consideration of the report of the Committee on Finance, Appropriations and National Planning and Economic Affairs presented by Sen. Yahaya Abdullahi (APC, Kebbi) on Tuesday.
A change was also made to non-oil projection which was reduced from N5.597 trillion to N5.279 trillion
The lawmakers however maintained the proposed exchange rate of N305 to a dollar.
They equally retained the 2.3 million barrels per day as proposed by the executive.
Abdullahi said: “The joint committee recommends the adoption of 1.699trillion for new borrowing for 2018.
“Relevant committees of the National Assembly should constantly and closely oversight the MDAs on the implementation of these programs to ensure effective widespread of the efficient.
“The National Assembly to amend the relevant sections of the fiscal responsibility act and other laws. The joint committee recommends the adoption of 3.5% growth rate.
“The joint committee recommends that the National Assembly insert in the 2018 appropriation act, a clause which makes it mandatory for the executive to refer to the National Assembly for any expenditure in excess of the benchmark (that is, price and production).”
The House Committee on Supply approved the resolutions recommended by the joint Committee on Finance, Appropriations, Aids, Loans, and Debt Management.