Reps  Fault $57 Oil Benchmark  

The House of Representatives have faulted the proposed oil benchmark of $57 per barrel in the 2022 appropriation bill.

The Lawmakers made this observation while debating the general principles of the budget estimate submitted by the president on Wednesday last week to the joint session of the National Assembly.

Leading this line of debate was the charman House Justice Committee, Onofiok Luke (Akwa Ibom) whose only concern was the oil bench mark of 57 dollars adopted by the presidency.

He also argued that 50% hazard allowance for medical practitioners was commendable as the country is still battling with COVID-19.

In his presentation,the minority leader, Hon. Ndudi Elumelu, commended the House for subjecting the budget to a rigorous debate, noting that Nigerians would see the House for what it stands for.

“I thank the House for living up to the expectation of Nigerians by committing the budget to debate, which means we are ready to move the country forward.”

He charged various committees to be up and doing by going to find out which projects were yet to be implemented by government agencies to enable the House do its work.

He added that their findings would inform what the lawmakers would do moving forward, just as he expressed worries about the mounting debt profile arising from numerous loans.

“My worry is the loan, but when loan is taken, it should be for good purpose. We should look at how to strengthen the power sector.

“The budget should be able to address abnormality to ensure that all our hospitals and infrastructure are up to date

“On issue of budget implantation, I want to say that the onus is on the committees. Because some agencies are refusing to implement the budget and I see no reason why we should patronise such agencies.

“I submit that NASS should not give one naira to any agencies that has not implemented the budget. Funds for such agencies who failed to perform must be moved to other areas like education,” he said

Debating the budget, Hon. Leke Abejide (APC, Kogi), lamented the level of borrowing in the present administration,saying : “This is why I have tremendous concern about borrowing because capital projects will achieve growth if properly implemented.”

He also raised concerns that “crude production per day of 1.8 billion per barrel is too ambitious. Price of 57 bench mark per price is too low. There is need to increase it above $60, exchange rate should also be considered.”