The Federal Government pegged oil benchmark price for $75
per barrel of crude oil in the 2013 budget proposal. This according to the
Minister of Finance, Dr. Ngozi Okonjo-Iweala would shore up the economy and
make for macroeconomic stability. Okonjo-Iweala, who spoke to journalists
shortly after the presentation of the 2013 budget proposals to the National
Assembly by President Goodluck Jonathan said $75 was the sensible price to fix
the benchmark.
The National Assembly, however, is insisting on a benchmark
of $80 per barrel, after backing down from $85 that its joint committee had
earlier recommended. The minister said the budget was predicated on the
assumption that the country would produce 2.53 million barrels of crude oil
daily. According to her, another reason that makes the $75 benchmark attractive
to the Executive arm of government is the need to ensure prudent management of
finances.
