07 October 2020 by James Itodo….
The Senate has passed the 2021-2023 Medium Term Expenditure Framework Fiscal Strategy Paper approving a benchmark of $40 per barrel for the price of crude oil.
This among other resolutions was reached after a debate on the report of the Joint Committees on Finance and National Planning on the 2021-2023 MTEF-FSP by Senator Adeola Solomon.
Some of the recommendations passed include the production of 1.97 million barrels of crude oil per day as well as an exchange rate of N379 to the dollar.
The lawmakers also adopted an expected Gross Domestic Product growth rate of 3% and inflation rate was pegged at11.9%.
In a remark, the President of the Senate, Ahmad Lawan, urged the Committees on Finance and National Planning to endeavour to meet with Government agencies on a quarterly basis to check their performance.
He also warned on the need to minimize borrowing so as not to end up using the nation’s resources for debt servicing.