x

BREAKING: Reps approves new MTEF, orders abolition of excess crude account

The House of Representatives has approved the review of the parameters for the 2020/2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The House differed with the recommendation of the executive on the oil benchmark of $25 per barrel by increasing it to $28 per barrel.

The other recommendation is the scrapping of the excess crude account.

The House approved 1.8 million barrels per day as a daily production target.

The approval followed the consideration of the report submitted by the House Committee on Finance and the House committee on supply.

Speaking on the report, Chairman of the committee on finance, James Faleke said the excess crude account is illegal and the House decided to increase the benchmark to reduce the deficit of the budget.

“The Excess Crude Account has no backing of the law. The Committee, therefore, recommends that the account be scrapped with immediate effect and comply with sections 80 and 81 of the 1999 Constitution of the Federal Republic of Nigeria.

“That the National Assembly should as a matter of urgency amend the fiscal responsibility Act to make it more responsive to present-day realities.”

The National Assembly approved N10,594,362,364,830 as the budget for 2020, however, the outbreak of COVID19 has led to a decline in the price of crude oil, the initial oil benchmark was $57 per barrel.

To mitigate the impact of COVID-19 on revenue, the executive proposed an N84.7 billion reduction to the budget, the new proposal is N10.509billion.

Commenting on the Excess Crude Account, the Speaker, Femi Gbajabiamila said the House will only recognize the ECA when a bill of the national assembly gives the legal backing to the ECA.

Hot this week

A’ibom: Police nab Monarch for attempted murder,nab two cable vandals

By Ogenyi Ogenyi, Uyo The Police in Akwa Ibom has...

Gov. Ododo Pays Tribute to Late Sen. Adebayo

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Plateau Drugs Agency, LGAs to Tackle Fake and Substandard Products

By Israel Adamu, Jos The Director General of the Plateau...

Speaker Abbas Moots Africa-Asia Trade, Investment Frameworks at Parliamentary Conference

...presents scorecard on gender inclusion, AI regulation bills, others By...

Governor Yusuf Reaffirms Commitment to Transforming Kano State

By Jabiru Hassan Kano State Governor, Alhaji Abba Kabir Yusuf,...

Pray for Peace, Development of Nigeria, Mahmoud Urges FCT Christian Pilgrims

By Joyce Remi-Babayeju FCT Minister of State, Dr. Mariya Mahmoud,...

Light Up Abuja Programme: Wike To Flag-Off Construction of New Roads, Light Projects

By Joyce Remi-Babayeju The Minister of Federal Capital Territory (FCT),...

Tinubu tasks Catholic Bishops on national peace and development

By Ogenyi Ogenyi, Uyo President Bola Tinubu has called on...

CSGGG Hails Rivers Sole Administrator’s Leadership

…Says Peace Brokered, Trust Restored…Lauds Transformative Governance, Credits Tinubu’s...

Tribune Abuja Bureau Chief, Dr. Leon Usigbe, Laid to Rest Amid Cries, Tributes

By Joyce Remi-Babayeju The late Tribune Abuja Bureau Chief, Chief...

Breaking: FG Set to Integrate Organ Transplant Services Into NHIA

… To End Unethical Local Organ Transplantation Practices By Joyce...

Atissa Youth Council Urges NDDC to Rescue Famgbe, Obogoro from Erosion

By Amgbare Ekaunkumo, Yenagoa Two historic communities in Bayelsa State,...

Sokoto-Badagry Superhighway to Boost Trade, Regional Integration

By Muhammad Ibrahim, Sokoto The Sokoto-Badagry Superhighway project, a major...

Related Articles

Popular Categories

spot_imgspot_img