The reality of the continuous drop in oil price has finally gotten to the National Assembly, as the Chairman, Senate Committee on Media and Public Affairs, Senator Saabi Abdullahi has said that the lawmakers are likely to reduce the crude oil benchmark price of $38 per barrel proposed by the executive for the 2016 budget.

Abdullahi told journalists in his office that both chambers of the National Assembly were being realistic in coming up with the decision to cut the benchmark price going by the alarming rate at which oil price was falling daily in the international market.

“We are going to be as realistic as possible by reviewing it in line with realities on the ground as regards the proposed parameters like the oil price benchmark, with a barrel of crude oil in the international market today far lower than the projected benchmark figure of $38 per barrel.

“So, what I want to assure you is that when we resume from recess, the budget will be a top priority and we are going to give it expeditious attention.

“The issues of oil benchmark and exchange rate are issues that are dynamic and I’m sure that by the time we come to deal with that, we will look at what the realities are, and in tandem with the executive, I am sure we will come up with what we believe is realistic.” Abdullahi said.

He stated that in considering the budget, the National Assembly would pay attention to the critical issue of revenue diversification.

Oil price fell to $32 on Thursday, leaving a deficit of $5 per barrel from the $38 in the budget estimates.

 

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