Abuja - After days of intense negotiations and lobbying on the appropriate oil benchmark for 2014 budget, the conference committee of the National Assembly has finally agreed on $77.5 as the benchmark crude price for the 2014 budget.
The agreement followed the intervention of principal officers of both houses, who separately met with the Senate President, David Mark and Speaker of the House of Representatives, Aminu Tambuwal, reports BusinessDay.
The matter was resolved on the premise that since Senate had agreed to raise its own earlier $76.5 benchmark to $77.5, the House also needed to compromise by bringing down its position pegging the oil benchmark at $79 per barrel to $77.5.
The decision by both chambers is now expected to pave the way for the eventual presentation and passage of the budget early next year.
Read more at BusinessDay