Senate opts for $52 for Oil benchmark, N190/$ for exchange rate

The Senate yesterday opted for a $52 per barrel oil benchmark for the 2015 budget. It also predicated the budget on an exchange rate of N190 to the dollar.

The resolution on the budget benchmark and exchange was the outcome of a one-hour closed-door session held by the senators before the commencement of plenary.

Reports say several senators who spoke at the closed-door session, expressed concern over the state of the economy, regretting that the nation would have to resort to borrowing to finance some projects.

The Senate was conscious that the naira was currently being exchanged at the rate of about N199 to $1 in the interbank market, the Senate deliberately opted to approve a lower figure for the exchange rate.