Nigeria House of Representatives pegs the benchmark price of crude oil at $79 per barrel

Nigeria House of Representatives pegs the benchmark price of crude oil at $79 per barrel

At a closed-door session, 79 lawmakers supported adopting $79 per barrel as the oil benchmark while 62 others stuck with the executive’s proposal of $74 per barrel according to new reports.

According to a report of the House Committees on Finance, Appropriation and two others which worked on the MTEF and FSP, N160 to $1 was adopted as the exchange rate for the next three years.

The report projected the successive volume of crude oil production between 2014 and 2016 at 2.3million barrels per day (mbpd) 2.5 mbpd, and 2.5 mbpd respectively while putting the corporate tax and Value Added Tax (VAT) at 30 percent and 5 percent respectively.

Oil and Gas Press

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