Strong indications emerged on Monday that the Senate would propose that the oil benchmark for the 2015 budget be reduced to $40 per barrel in line with the reality of falling crude prices in the international market.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had presented a national budget size of N4.357tn based on a projected oil production figure of 2.2 million barrels per day and a benchmark price of $65 per barrel.
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