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Senate passes MTEF, increases oil price benchmark

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The Senate has passed the Medium Term Expenditure Framework (MTEF) for 2018 to 2020.

In passing the MTEF today, the red chamber, however, increased the benchmark price of crude proposed by the Federal Government from 45 to 47 dollars per barrel.

Also, the lawmakers approved 2.3 million barrels oil production per day, an exchange rate of 305 naira to a dollar as well as N1.69 trillion new borrowing.

More to come