Senate Raises 2018 Budget’s Oil Benchmark To $47

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The upper legislative chamber of the National Assembly has raised the projected oil benchmark for the 2018 budget from the $45 per barrel by the Executive to $47.

The Senate took the decision at the plenary today, after considering and subsequently adopting the report by its Joint Committee on Finance, Appropriations, and National Planning and Economic Affairs on the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper.

It would be recalled that the lawmakers had last week indicated their intention to modify some proposals of the Appropriation Bill 2018 presented by the Executive due to what they described as the unrealistic revenue projections.

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