On Wednesday, the Senate adopted the exchange rate of 305 naira to a dollar as well as set the benchmark of oil production for about 2.2million barrel per day and $44.5 per barrel as the benchmark price for 2017 budget, as recommended by the executive.
According to the Chairman of Finance Committee, Senator John Enoh, during a report presentation at the plenary, the joint committees had an interactive session with the Federal Ministries of Finance; Budget and Planning; Mines and Steel Development; and other agencies.
According to Enoh, the Joint Committees observed that the core parameters of the 2016 budget were based on a benchmark oil price of $38 per barrel, oil production of 2.2m barrel per day and exchange rate of 197 naira per dollar.
“However, available records show that between January to October 2016, the country produced an average of 1.7m barrels per day. Frequent destruction of oil installations by the Niger Delta Militants have been blamed for the decline,” Senator Enoh said.
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