The National Assembly yesterday agreed on $53 per barrel as official oil benchmark for the 2015 budget. This was achieved after both chambers of the National Assembly met to harmonize their respective position on the budget benchmark for 2015.
The Senate had earlier approved $52 whilst when House approved $54 per barrel as benchmark for Oil. They also agreed to an exchange rate of N190 to $1 for the year. The National Assembly also trimmed down its budget from N150billion to N120billion essentially slicing N30billion of their budget.