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Senate Backs Devaluation Of Naira, Raises Oil Benchmark To $28

BY MARY KUYE

The Senate on Tuesday raised Nigerian oil benchmark to $28 while it also backed the devaluation of the Naira to Dollar.

The Upper House on Tuesday carried out these functions as passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government.

Recall that 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.

READ ALSO: Senate Approves Buhari’s $5.513b Loan

The lawmakers also approved that the proposed daily oil production benchmark of 1.9 million barrel per day be reduced to 1.8mbd.

Meanwhile, the on Tuesday declared their support for the proposed exchange rate which was moved by the Federal Government from N306 to one dollar to N360 per dollar.

More to follow shortly.

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