October 28, 2021

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Reps want oil benchmark at US$60 per barrel

The House of Representatives has asked that the oil bench mark for the 2022 budget proposal be set at US$60 per barrel.

This will be different from the US$57 brought by the executive.

The House also called for zero allocation for government agencies who refuse to implement the 2020 budget as appropriated.

This followed a debate on the 2022 budget proposal on the floor of the House in Abuja, yesterday.

Some members of the House said since the crude oil is put at US$80 per barrel, the benchmark should be increased to US$60.

Leke Abijide (ADC-Kogi), stated that the benchmark of US$57 per barrel was a bit low, considering the US$80 per barrel as at now.

He added that it should be increased to US$60 dollar per barrel.

“Aside this area, the budget is one of the best ever by the President and it deserve our commendation.”

He also commended the President for making capital projects a priority, while raising concern over the issue of borrowing and the exchange rate.

“With the exchange rate, what I did with my Zonal Intervention Projects (ZIP) last year, I may not be able to do this year because of the exchange rate and that is the only thing to perform in my constituency,” he said.

Alhassan Ado-Dogwa, Leader of the House, said the 2022 budget is the highest in history and it is imperative to invest in infrastructure and agriculture.

Others, according to him include education, health, adding that they were the cardinal principle of Buhari’s administration.

He stated that the legislature, in partnership with the executive, must endeavour to sustain the January to December budget process.

He urged the various Committees to also work on oversight to ensure that the budget passed by the lawmakers and assented to by the executive is implementable.

Onofiok Luke (PDP-Akwa Ibom), commended the House for sustaining the January to December budget implementation and working to ensure a cordial relationship with the executive.

He, however, said that the provision of N50 million for hazard allowance in the 2022 budget proposal for medical officers which was why they went on strike, would not augur well.

The post Reps want oil benchmark at US$60 per barrel appeared first on The Sun Nigeria.

Source: news