Some parameters earlier adopted for the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by the Senate in its review of the 2020 budget have been tinkered with by the Senate. Affected in this new legislative work are the oil price benchmark earlier fixed at $25 per barrel now jerked up to $28 per barrel. Other critical parameters like exchange rate of N360 to a US dollar, 14 .43 inflation growth rate 4.42 GDP growth rate were retained by the Senate. He frowned at some of the special accounts being kept by the executive, particularly the Natural Resources Development Accounts. He thereafter adjourned sitting of the Senate to Tuesday next week for consideration and possible passage of the revised N10.509 trillion 2020 budget.

Source: Nigerian Tribune June 02, 2020 17:40 UTC