Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

Senate Finance Committee confirms 20% benchmark cut

EditorbyEditor
8 years ago
in Currencies, Politics
Share on FacebookShare on TwitterShare on Linkedin

The Senate Finance Committee proposed on Wednesday to cut the oil price benchmark in the 2015 Budget to $52 per barrel from its current $65, a source at parliament has told the Reuters news agency. The upper house debated the change proposed by the committee on Wednesday but had not yet reached a conclusion.

The Ministry of Finance has previously insisted that the benchmark would not change, given that the government is under pressure not to slash spending, especially on salaries.

Despite the fact that GDP growth, only 15 percent of which is fed by oil, remains strong, the naira has hit a series of record lows against the US dollar in the last three months, finally settling at 199 to the greenback yesterday, despite the apex bank burning through billions of dollars of reserves to prop it up.

It is unclear where the cuts will happen if the new benchmark sails though since capital expenditure has already been slashed to 9 percent of the budget and the government struggling to pay salaries in the civil service. At the same time spending on military equipment is rising because of the Boko Haram insurgency.

Related

Tags: News Review

Leave a Reply Cancel reply

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal
  • FG confirms 3-day 2023 census exercise will commence on May 3
  • Learnhub Institute hosts second edition of the Women, Wealth, and Real Estate Conference

Follow us on social media:

Recent News

RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal

RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal

March 26, 2023
FG confirms 3-day 2023 census exercise will commence on May 3

FG confirms 3-day 2023 census exercise will commence on May 3

March 26, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions
  • 2023 Elections

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!