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Reps Adopt Medium Term Expenditure Report after close door session

The House of Representatives has adopted the medium Term Expenditure Framework, MTEF submitted by the house committee on finance after the house went into an executive session which lasted over three hours.
The presentation of the medium term expenditure framework, MTEF, report almost caused a commotion on the floor of the house of representatives as the chairman house committee on finance who was supposed to submit the report was absent until the speaker honourable Aminu Waziri Tambuwal called for an executive session.
Almost four hours later the house resumed sitting to consider the report which was laid by the deputy chairman house committee on finance.
One of the recommendations made in the report which requires the adoption of 76.5 dollars per barrel as a benchmark price for crude oil was amended to 79.5 dollars per barrel following a motion moved by minority leader honourable Femi Gbajabiamila which he says was for the purpose of consistency with some members saying the price should be left at 76.5 dollars per barrel.
Recommendations of the distribution to the tier of government of N666.6 from the excess crude account as proposed by the executive and augmentation from the excess crude account, ECA, should the projected crude production fall below budget were reluctantly adopted by members.
Meanwhile all other recommendations were considered and adopted without any argument.
Reported by Charity Marcus



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